§ 71-4-805 — Authority of state treasurer

Tennessee § 71-4-805

• Jurisdiction: Tennessee
• Title: 71

Text

The state treasurer has the following powers and authorities necessary and convenient to carry out the purposes and provisions of this part, the purposes and objectives of the program and the trustees' plan, and the powers delegated by any other law of this state and the code, including, but not limited to, the following express powers: (1) Provide investment options or investment products for eligible individuals who have established an ABLE account; (2) Purchase insurance from insurers licensed to do business in this state providing for coverage against any loss in connection with the program's property, assets, or activities; (3) Make, execute, and deliver contracts, conveyances, and other instruments necessary and proper for the implementation of the program; (4) Contract for the provision of all or any part of the services necessary for the administration, implementation, operation, or management of the program; (5) Enter into a contract with another state that has a qualified ABLE program as a contracting state in order to provide similar benefits to Tennessee residents, or allow residents of other states to participate in a Tennessee qualified ABLE program; (6) Contract with financial consultants, actuaries, auditors, investment managers, and other consultants and professionals as necessary to carry out the duties and responsibilities under this part and the plan established by the trustees. These services may be procured in a manner prescribed by the trustees without regard to the requirements of former § 12-4-109 , if the trustees determine that the services are necessary or desirable for the efficient administration of this part. All expenses and fees incidental to the procurement of services shall be charged to and paid from participant accounts; (7) Administer or operate the program at the direction of the trustees' plan; (8) Promote, advertise, market, and publicize the program; (9) Solicit and accept monetary gifts made by will, trust, or other disposition, grants, loans, and other monetary aids from any personal source or participate in any other way in any federal, state, or local governmental programs in carrying out the purpose of this part; (10) Establish and impose reasonable residency requirements for designated beneficiaries that must be met by the designated beneficiary prior to establishing an account; (11) Establish and impose reasonable limits on the number of accounts; (12) Establish and impose limits on contributions that may be made by or on behalf of a designated beneficiary; (13) Provide adequate safeguards to prevent aggregate contributions on behalf of a designated beneficiary in excess of the contribution limitations established by the trustees; (14) Establish and impose restrictions for a change in or substitution of designated beneficiaries; (15) Establish and impose limitations on distributions and rollovers from the account used for qualified disability expenses; (16) Establish and impose restrictions or conditions on the transfer of account ownership; (17) Establish and impose restrictions on the investment direction of deposits in an account and the interest earned thereon; (18) Determine the disposition of an account upon the designated beneficiary's death or the abandonment of an account; (19) Enter into memoranda of understanding with appropriate state agencies to develop, implement, and market educational programs and related informational materials to inform individuals with disabilities and their legal representatives about the ABLE program; (20) Impose and collect application fees and other administrative fees and charges in connection with any transaction under this part; (21) Promulgate reasonable rules as are necessary to carry out the purpose and intent of this part, and to ensure that the program is in compliance with the code and other applicable provisions of federal or state laws or rules. All such rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; (22) Enter into participation agreements with eligible individuals or an eligible individual's legal representative; (23) Define the terms and conditions under which payments may be withdrawn from the program and impose reasonable charges for withdrawal; (24) Enter into agreements with any public or private employer under which an employee may agree to have a designated amount deducted in each payroll period from the wages or salary due the employee for the purpose of making contributions to an account pursuant to a participation agreement. The agreement shall be subject to the approval of the trustees and in conformity with such terms and conditions as determined by the trustees. In the event the agreement is approved by the trustees, the employer shall be responsible for submitting to the trustees such information and for performing the duties prescribed by the trustees to implement its employee contributions to an account by payroll deduction. All costs and expenses incidental to implementing and administering a payroll deduction program shall be borne by the respective employer; (25) Operate and provide for the operation of the program in a manner that qualifies the program under the code and takes any and all necessary action to maintain such qualification; provided, that the account owner's rights to fund the respective accounts shall not be limited or impaired; (26) Seek rulings from the secretary of the United States department of the treasury and the internal revenue service relating to the program; and (27) Make changes to the program that are required for eligible individuals to obtain federal income tax benefits or treatment provided by the code.

Legislative History

Acts 2015, ch. 470, § 5.