§ 99-X — New York achieving a better life experience (NY ABLE) savings program trust fund

New York § 99-X

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 99-x. New York achieving a better life experience (NY ABLE) savings\nprogram trust fund. 1. There is hereby established in the sole custody\nof the state comptroller a special fund to be known as the New York\nachieving a better life experience (NY ABLE) savings program trust fund.\nAll payments from such fund shall be made in accordance with article\neighty-four of the mental hygiene law.\n 2. The fund shall be a trust fund and shall consist of a trust account\nand an operating account. The trust account shall include amounts\nreceived by the NY ABLE savings program pursuant to NY ABLE savings\nagreements, administrative charges, fees, and all other amounts received\nby the program from other sources, and interest and investment income\nearned by the trust fund. The comptroller shall, from time to time, make\ntransfers from the trust account to the operating account for the\nimmediate payment of obligations under NY ABLE savings agreements,\noperating expenses and administrative costs of the NY ABLE savings\nprogram. Administrative costs shall be paid out of the operating account\naccording to the terms and conditions established pursuant to the\nprovisions of section 84.05 of the mental hygiene law.\n 3. (a) The comptroller, as trustee, shall invest the assets of the\ntrust fund with the care, skill, prudence and diligence under the\ncircumstances then prevailing that a prudent person acting in a like\ncapacity and familiar with such matters would use in the conduct of an\nenterprise of a like character and with like aims.\n (b) Trust fund assets shall be kept separate and shall not be\ncommingled with other assets, except as provided herein. The comptroller\nmay enter into contracts to provide for investment advice and\nmanagement, custodial services, and other professional services for the\nadministration and investment of the program. Administrative fees, costs\nand expenses, including investment fees and expenses, shall be paid from\nthe assets of the fund.\n 4. The comptroller shall provide for the administration of the trust\nfund, including maintaining participant records and accounts, and\nproviding annual audited reports. The comptroller may enter into\ncontracts to provide administrative services and reporting.\n