CHAPTER 195-K ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) SAVINGS ACCOUNT PROGRAM
Section 195-K:5
195-K:5 Authority to Issue Request for Proposals. –
I. Within 6 months of the issuance of regulations by the Internal Revenue Service and the federal Department of Treasury governing implementation of any savings account programs authorized pursuant to the federal Achieving a Better Life Experience Act of 2014 (ABLE), the state treasurer, in consultation with the executive director, shall issue a request for proposals from third-party vendors to implement a savings plan pursuant to this chapter and in accordance with provisions of section 529A of the United States Internal Revenue Code of 1986, as amended. The state treasurer and executive director shall implement a savings plan pursuant to this chapter within 6 months after a suitable third-party vendor has been selected.
II. In selecting a third-party vendor, the state treasurer and executive director of the governor's commission on disability shall consider, and, if appropriate, give preference to proposals best meeting the following criteria:
(a) Ability to administer financial programs with individual account maintenance and reporting.
(b) Ability to develop and administer an investment program of a nature similar to the objectives of the ABLE plan.
III. The final selection of the vehicle for investments and administration shall be made by the treasurer and the executive director.
IV. The state treasurer and the executive director may consider and contract with an ABLE savings account program previously established in another state.