Nevada § 427A.889 - Establishment; regulations; gifts, grants or other sources of money

§ 427A.889. Establishment; regulations; gifts, grants or other sources of money

1. The State Treasurer may adopt regulations to establish and carry out the Nevada

ABLE Savings Program to comply with the requirements of a qualified ABLE program pursuant

to 26 U.S.C. § 529A , as amended. 2. The regulations must be consistent with the provisions of the Internal Revenue

Code set forth in Title 26 of the United States Code, and any regulations adopted

pursuant thereto, to ensure that the Nevada ABLE Savings Program meets all criteria

for federal tax-deferred or tax-exempt benefits, or both. 3. The regulations must provide for the use of savings trust agreements and savings

trust accounts to apply distributions toward qualified disability expenses in accordance

with 26 U.S.C. § 529A , as amended. 4. The regulations may include any other provisions not inconsistent with federal

law that the State Treasurer determines are necessary for the efficient and effective

administration of the Nevada ABLE Savings Program and the Trust Fund, including, without

limitation: (a) Procedures for the administration of the Nevada ABLE Savings Program, including,

without limitation: (1) A procedure for enrolling in the Program; (2) Procedures for a person to access information regarding a savings trust account,

including, without limitation, the balance in the account; (3) Methods and incentives to encourage contributions to a savings trust account;

and (4) A procedure for distributions from a savings trust account; (b) Provisions for the charging and collection of administrative fees and charges

in connection with any transaction relating to the Nevada ABLE Savings Program, including,

without limitation, fees or charges related to continued participation in the Program; (c) A requirement that any money deposited in accordance with a savings trust agreement,

and any increase in the value thereof or qualified withdrawal taken therefrom, is

not subject to attachment, levy or execution by any creditor of a contributor, account

owner or designated beneficiary and may not be used as security for a loan; (d) A requirement that any money deposited in accordance with a savings trust agreement,

and any increase in the value thereof or qualified withdrawal taken therefrom, must

not be used to calculate the personal assets of a designated beneficiary or account

owner to determine eligibility for any disability, medical or other health benefits

administered by this State; and (e) A requirement that any money deposited in accordance with a savings trust agreement,

and any increase in the value thereof or qualified withdrawal taken therefrom, must

not be used to calculate the personal assets of a designated beneficiary or account

owner to determine eligibility or need for any student loan program, student grant

program or any other student aid program administered by this State, except as otherwise

provided for in federal law. 5. If the State Treasurer does not adopt regulations pursuant to this section to establish

and carry out the Nevada ABLE Savings Program, the State Treasurer shall otherwise

ensure that the Nevada ABLE Savings Program is established and carried out pursuant

to NRS 427A.882 to 427A.896 , inclusive. 6. The State Treasurer may apply for and accept any gift, grant, donation, bequest

or other source of money to carry out the Nevada ABLE Savings Program.