Vermont § 8001 - Program established

§ 8001. Program established

• (a) The State Treasurer or designee shall have the authority to establish the Vermont
  Achieving a Better Life Experience (ABLE) Savings Program consistent with the provisions
  of this chapter under which a person may make contributions for a taxable year, for
  the benefit of an individual who is an eligible individual for such taxable year,
  to an ABLE account that is established for the purpose of meeting the qualified disability
  expenses of the designated beneficiary of the account, and that: (1) limits a designated beneficiary to one ABLE account for purposes of this section; (2) allows for the establishment of an ABLE account only for a designated beneficiary
  who is a resident of Vermont or a resident of a contracting State; and (3) meets the other requirements of this chapter. (b)(1) The Treasurer or designee may solicit proposals from financial organizations to implement
  the Program as account depositories and managers. (2) A financial organization that submits a proposal shall describe the investment instruments
  that will be held in accounts. (3) The Treasurer shall select from among the applicants one or more financial organizations
  that demonstrate the most advantageous combination, both to potential Program participants
  and this State, of the following criteria: (A) the financial stability and integrity of the financial organization; (B) the safety of the investment instrument offered; (C) the ability of the financial organization to satisfy recordkeeping and reporting requirements; (D) the financial organization’s plan for promoting the Program and the investment the
  organization is willing to make to promote the Program; (E) the fees, if any, proposed to be charged to the account owners; (F) the minimum initial deposit and minimum contributions that the financial organization
  will require; (G) the ability of the financial organization to accept electronic withdrawals, including
  payroll deduction plans; and (H) other benefits to the State or its residents included in the proposal, including fees
  payable to the State to cover expenses of operation of the Program. (c) The Treasurer or designee shall have the authority to implement the Program in cooperation
  with one or more states or other partners in the manner he or she determines is in
  the best interests of the State and designated beneficiaries. (d) The Treasurer or designee shall have the authority to adopt rules, policies, and procedures
  necessary to implement the provisions of this chapter and comply with applicable federal
  law. (Added 2015, No. 51, § C.7, eff. June 3, 2015; amended 2015, No. 157 (Adj. Sess.), § F.2, eff. June 2, 2016.)