Texas § ED.54.904 - POWERS AND DUTIES OF BOARD

§ ED.54.904. POWERS AND DUTIES OF BOARD

POWERS AND DUTIES OF BOARD. (a) To establish and administer the ABLE program, the board shall: (1) develop and implement the program; (2) adopt rules and establish policies and procedures to implement this subchapter to: (A) permit the program to qualify as a qualified ABLE program under Section 529A, Internal Revenue Code; (B) make changes to the program as necessary for the participants in the program to obtain or maintain federal income tax benefits or treatment provided by Section 529A, Internal Revenue Code, and exemptions under federal securities laws; and (C) make changes to the program as necessary to ensure the program's compliance with all other applicable laws and regulations; (3) either directly or through a contractual arrangement for investment or plan manager services with a financial institution or plan manager or another qualified entity, develop and provide information for participants and their families necessary to establish and maintain an ABLE account; (4) enter into agreements with any financial institution or any state or federal agency or contractor or other entity as required to administer the program under this subchapter; (5) enter into participation agreements with participants; (6) solicit and accept any gifts, grants, legislative appropriations, and other funds from the state, any unit of federal, state, or local government, or any other person, firm, partnership, or corporation; (7) invest participant funds in appropriate investment instruments; and (8) make provision for the payment of costs of administering the program. (b) The board has all powers necessary or proper to carry out its duties under this subchapter and to effectuate the purposes of this subchapter, including the power to: (1) sue and be sued; (2) enter into contracts and other necessary instruments; (3) enter into agreements or other transactions with the United States, state agencies, and other entities as necessary, including: (A) an agreement to engage services through a consortium of states; and (B) an agreement with another entity to act as plan manager; (4) appear on its own behalf before governmental agencies; (5) contract for necessary goods and services, including specifying in the contract duties to be performed by the provider of a good or service that are a part of or are in addition to the person's primary duties under the contract; (6) contract with another state or a consortium of states that administers a qualified ABLE program as authorized by Section 529A, Internal Revenue Code, to provide access in this state to a qualified ABLE program; (7) engage the services of private consultants, trustees, records administrators, managers, legal counsel, auditors, and other appropriate parties or organizations for administrative or technical assistance; (8) participate in any government program; (9) impose fees and charges; (10) develop marketing plans or promotional materials or contract with a consultant to market the program; (11) make reports; (12) purchase liability insurance covering the board and employees and agents of the board; (13) make changes to the program as necessary for the participants in the program to obtain or maintain federal income tax benefits or treatment provided by Section 529A, Internal Revenue Code, and exemptions under federal securities laws; (14) establish other policies, procedures, and eligibility criteria to implement this subchapter; and (15) adopt rules establishing residency requirements for a designated beneficiary, if determined appropriate. Added by Acts 2015, 84th Leg., R.S., Ch. 1213 (S.B. 1664 ), Sec. 2, eff. June 19, 2015. Amended by: Acts 2017, 85th Leg., R.S., Ch. 296 (S.B. 377 ), Sec. 2, eff. May 29, 2017.