or more financial institutions." in line 14 and all of lines 15
and 16 and inserting
a legal entity. If the department contracts with investment
managers, program managers or trustees in order to fulfill the
objectives of this act, the investment managers, program
managers and trustees must work with the department to create a
program, to develop investment portfolios and to supervise
investments and the investment programs selected.
Amend Bill, page 5, line 28, by striking out "single"
Amend Bill, page 5, line 28, by inserting after "account"
limitation
Amend Bill, page 5, line 29, by inserting after "limit"
as required in IRC § 529A
Amend Bill, page 7, by inserting between lines 17 and 18
(2.1) 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 the fees and charges or from
other funds available.
Amend Bill, page 9, lines 3 through 10, by striking out all
of said lines and inserting
Section 7. Powers of the department.
In addition to any other powers granted under this act, the
department shall have the power to carry out this act,
including, but not limited to, the power to do any of the
following:
(1) Administer the program and the ABLE savings program
fund.
(2) Enter into contracts with individuals for the
creation of an ABLE savings account.
(3) Pay to an account owner, eligible individual or a
third party authorized by the account owner, upon receipt of
appropriate documentation if required by the department,
funds from the account to pay for the eligible individual's
qualified disability expenses.
(4) Contract for goods and services and engage and
employ personnel, including, but not limited to, the service
of private consultants, actuaries, managers, legal counsel
and auditors for rendering professional, managerial and
technical assistance and advice.
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