CHAPTER 195-K ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) SAVINGS ACCOUNT PROGRAM
Section 195-K:3
195-K:3 ABLE Savings Plan. –
I. (a) The state treasurer and the executive director shall, as needed, issue requests for proposals to evaluate and determine the vehicle for investments of the savings plan and its administration.
(b) The state treasurer and the executive director shall consider and, if appropriate, give preference to proposals best meeting the following criteria:
(1) Ability to administer financial programs with individual account maintenance and reporting.
(2) Ability to develop and administer an investment program of a nature similar to the objectives of the ABLE savings plan.
(c) The final selection of the vehicle for investments and its administration shall be made by the state treasurer and the executive director.
(d) The state treasurer and the executive director may consider and contract with an ABLE savings account program previously established in another state.
II. The savings plan may be on a "cash only" basis, and may include provisions for automatic deductions.
III. The savings plan or such trust may be divided into multiple investment portfolios. If so divided, and if distinct records are maintained for any such portfolio and the assets associated with any such portfolio are accounted for separately from the other assets of the trust, then the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular portfolio may be enforceable against the assets of such portfolio only, and not against the assets of the trust generally.