Oklahoma § 56-4001.2 - Options for a qualified ABLE program

§ 56-4001.2. Options for a qualified ABLE program

A. The State Treasurer shall facilitate access to a qualified

ABLE program through the selection of one or more of the following

options:

1. Establishing an Achieving a Better Life Experience program

as provided under the Tax Increase Prevention Act of 2014, Pub. L.

No. 113-295;

2. Contracting with a state with a qualified ABLE program;

3. Joining a consortium of states in administering a qualified

ABLE program; or

4. Operating a website to assist eligible individuals with the

selection of a qualified program.

B. In the event the State Treasurer elects to establish an ABLE

program pursuant to paragraph 1 of subsection A of this section, he

or she shall:

1. Develop and implement the program in a manner consistent

with this act through the adoption of guidelines and procedures;

2. Retain professional services, if necessary, including

accountants, auditors, consultants and other experts;

3. Seek rulings and other guidance, if necessary, from the

United States Department of the Treasury, the Internal Revenue

Service and the Oklahoma Attorney General relating to the program;

4. Make changes to the program required for the participants in

the program to obtain the federal income tax benefits or treatment

provided by Section 529A of the Internal Revenue Code;

5. Interpret, in policies, guidelines and procedures, the

provisions of the ABLE program broadly in light of its purpose and

objectives;

6. Develop a schedule of application fees and other necessary

fees and charges in connection with any agreement, contract or

transaction relating to the program that are sufficient to offset

the administrative and staffing costs associated with the

implementation and administration of this program;

Oklahoma Statutes - Title 56. Poor Persons

7. Select the financial institution or institutions to act as

the depositories and managers of the program accounts in accordance

with this act. For purposes of selecting such institutions and

managers, the Office of the State Treasurer shall be exempt from The

Oklahoma Central Purchasing Act. The Treasurer shall develop a

competitive process by which the institutions and managers will be

selected; and

8. Be exempt from the rulemaking provisions of the

Administrative Procedures Act when adopting guidelines for the ABLE

program; provided, any such guidelines affecting existing or

potential participants in the ABLE program may only be implemented

after reasonable notice to the public and a public hearing in a

manner similar to the requirements of the Administrative Procedures

Act.

C. In the event the State Treasurer elects to contract with

another state or join a consortium pursuant to the provisions of

subsection A of this section, he or she shall:

1. Select the state or consortium which the Treasurer has

determined will provide the greatest benefit to eligible

individuals. For purposes of selecting such state or consortium,

the Office of the State Treasurer shall be exempt from The Oklahoma

Central Purchasing Act. The Treasurer shall develop a competitive

process by which the state or consortium will be selected; and

2. Develop procedures to assist in the promotion of a partner

ABLE program which the Treasurer has selected pursuant to subsection

A of this section, whether such program is established by another

state or a consortium of states.

Added by Laws 2016, c. 354, § 3, eff. Jan. 1, 2017.