accordance with policies established by the department to
provide for an appropriate balance of risk, liquidity and return
commensurate with the management of a prudent investor. The
department, the investment managers, program managers and
trustees shall have the authority to invest and reinvest the
money in the fund in all lawful investments.
Section 303. Operating and administrative costs.
The department shall prepare and, through the Governor,
submit annually to the General Assembly a budget covering the
operating and administrative expenses of the program. Upon
approval by the General Assembly in an appropriation bill,
expenses incurred by the program and the department shall be
paid from program fees and charges or from other available
funds.
Section 304. Interdepartmental cooperation.
The head of any department, board, commission, agency or
instrumentality of the Commonwealth, unless otherwise prohibited
by law, shall assist the department in providing information
about the program to potential eligible individuals and their
families.
Section 305. Department powers and duties.
The department shall have the powers necessary or convenient
to carry out this act, including the power to:
(1) Administer the program and the fund.
(2) Enter into contracts with individuals for the
establishment of ABLE savings accounts.
(3) Pay to an account owner or designated beneficiary,
or a third party authorized by an account owner, upon receipt
of appropriate documentation required by the department,
funds from the account to pay for the eligible individual's
20150SB0879PN1618 - 5 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30