§ 12-11-14-11 — Board duties and powers

Indiana § 12-11-14-11

• Jurisdiction: Indiana
• Art. 11: SERVICES FOR INDIVIDUALS WITH
• Ch. 14: Achieving a Better Life Experience (ABLE) Program

Text

(a) The board may:
(1) employ a manager, who is not a member of the board; and
(2) delegate necessary and appropriate functions and authority to
the manager.
(b) The board has the powers necessary and appropriate to carry out
and effectuate the purposes of this chapter, including the following:
(1) To develop and implement a qualified ABLE program for
Indiana through:
(A) rules adopted under IC 4-22-2; or
(B) rules, guidelines, procedures, or policies established by the
board.
(2) To conform the qualified ABLE program to meet the
requirements of Section 529A of the Internal Revenue Code and
all applicable federal laws and regulations.
(3) To retain professional services, including the following:
(A) Advisers and managers, including investment advisers.
(B) Custodians and other fiduciaries.
(C) Accountants and auditors.
(D) Consultants or other experts.
(E) Actuarial services providers.
(F) Attorneys.
(4) To establish minimum ABLE account deposit amounts (both
initial and periodic).
(5) To employ persons, if the board chooses, and as may be
necessary, and to fix the terms of employment.
(6) To recommend legislation to the governor and the general
assembly.
(7) To apply for designation as a tax exempt entity under the
Internal Revenue Code.
(8) To sue and be sued.
(9) To provide or facilitate provision of benefits and incentives for
the benefit of qualified beneficiaries.
(10) To conform the qualified ABLE program to federal tax
advantages or incentives, to the extent consistent with the
purposes and objectives of this chapter.
(11) To charge, impose, and collect administrative fees and
service charges in connection with any agreement, contract, or
transaction under a qualified ABLE program.
(12) To have perpetual succession.
(13) To establish policies and procedures to govern distributions
from ABLE accounts that are not:
(A) made on account of the death or disability of an account
beneficiary; or
(B) rollovers.
(14) To establish penalties for withdrawals of money from ABLE
accounts that are not used exclusively for a qualified disability
expense of an account beneficiary unless a circumstance
described in subdivision (13) applies.
(15) To establish policies and procedures regarding the transfer
of individual ABLE accounts and the designation of substitute
account beneficiaries.
(16) To establish policies and procedures for withdrawal of
money from ABLE accounts for, or in reimbursement of, a
qualified disability expense.
(17) To enter into agreements with ABLE account owners,
account beneficiaries, and contributors, with the agreements
naming:
(A) the account owner; and
(B) the account beneficiary.
(18) To establish ABLE accounts for account beneficiaries.
However, the authority shall establish a separate ABLE account
for each account beneficiary.
(19) To enter into agreements with financial institutions relating
to ABLE accounts as well as deposits, withdrawals, penalties,
allocation of benefits or incentives, and transfers of accounts,
account owners, and account beneficiaries.
(20) To develop marketing plans and promotional material.
(21) To enter into agreements with other states to:
(A) allow Indiana residents to participate in a plan operated by
a contracting state with a qualified ABLE program; or
(B) allow residents of contracting states to participate in the
Indiana qualified ABLE program.
(22) To do all things necessary and appropriate to carry out the
purposes of this chapter.

Legislative History

As added by P.L.12-2016, SEC.8. Amended by P.L.93-2024, SEC.108.