§ 30-9-8 — ABLE Program Trust Fund created; administration of funds

(a) (1) The board shall be authorized to create the Georgia ABLE Program Trust Fund. The trust fund shall be administered by the state treasurer. The state treasurer shall credit to the trust fund all amounts transferred to such fund. The trust fund shall consist of money remitted in accordance with participation agreements and shall receive and hold all payments, contributions, and deposits intended for it as well as gifts, bequests, endowments, grants and any other public or private source of funds, and all earnings on the fund until disbursed as provided under this Code section. The amounts on deposit in the trust fund shall not constitute property of the state. Amounts on deposit in the trust fund shall not be commingled with state funds, and the state shall have no claim to or interest in such funds other than the amount of reasonable fees and charges assessed to cover administration costs. Participation agreements or any other contract entered into by or on behalf of the trust fund shall not constitute a debt or obligation of the state, and no account contributor shall be entitled to any amounts except for those amounts on deposit in or accrued to the account of such contributor. (2) The trust fund shall continue in existence so long as it holds any funds belonging to an account contributor or otherwise has any obligations to any person or entity until its existence is terminated by law and remaining assets on deposit in the trust fund are returned to designated beneficiaries or other eligible persons pursuant to the terms of the participation agreement or transferred to the state in accordance with unclaimed property laws. (b) The official location of the trust fund shall be the Office of the State Treasurer, and unless otherwise authorized by the board, the facilities of the Office of the State Treasurer shall be used and employed in the administration of the fund, including without limitation the keeping of records, the management of bank accounts and other investments, the transfer of funds, and the safekeeping of securities evidencing investments. These functions may be administered pursuant to a management agreement with a qualified entity or entities. (c) Payments received by the board on behalf of designated beneficiaries from account contributors, other payors, or any other source, public or private, shall be placed in the trust fund, and the board shall cause there to be maintained separate records and accounts for individual beneficiaries as may be required under Section 529A of the Internal Revenue Code or other applicable federal laws. (d) Account contributors shall only be permitted to contribute cash except as otherwise permitted under Section 529A of the Internal Revenue Code. The board shall establish appropriate safeguards against contributions to an ABLE account in excess of the limitations set forth in Section 529A of the Internal Revenue Code. (e) Earnings derived from investment of the contributions shall be considered to be held in trust in the same manner as contributions. Amounts on deposit in an ABLE account shall be available for administrative fees and expenses and penalties imposed by the board as delineated in the participation agreement. (f) The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes of this chapter and shall not be loaned or otherwise transferred or used by the state for any other purpose.

Legislative History

Added by 2016 Ga. Laws 519,§ 1, eff. 5/3/2016.