Rep. Kelly M. Burke

Filed: 3/3/2023

 

 

 

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1		AMENDMENT TO HOUSE BILL 3811
2		AMENDMENT NO. ______. Amend House Bill 3811 by replacing
3		everything after the enacting clause with the following:
4		"Section 5. The State Treasurer Act is amended by changing
5		Sections 16.5 and 16.6 as follows:
6		(15 ILCS 505/16.5)
7		Sec. 16.5. College Savings Pool.
8		(a) Definitions. As used in this Section:
9		"Account owner" means any person or entity who has opened
10		an account or to whom ownership of an account has been
11		transferred, as allowed by the Internal Revenue Code, and who
12		has authority to withdraw funds, direct withdrawal of funds,
13		change the designated beneficiary, or otherwise exercise
14		control over an account in the College Savings Pool.
15		"Donor" means any person or entity who makes contributions
16		to an account in the College Savings Pool.

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1		"Designated beneficiary" means any individual designated
2		as the beneficiary of an account in the College Savings Pool by
3		an account owner. A designated beneficiary must have a valid
4		social security number or taxpayer identification number. In
5		the case of an account established as part of a scholarship
6		program permitted under Section 529 of the Internal Revenue
7		Code, the designated beneficiary is any individual receiving
8		benefits accumulated in the account as a scholarship.
9		"Eligible educational institution" means public and
10		private colleges, junior colleges, graduate schools, and
11		certain vocational institutions that are described in Section
12		1001 of the Higher Education Resource and Student Assistance
13		Chapter of Title 20 of the United States Code (20 U.S.C. 1001)
14		and that are eligible to participate in Department of
15		Education student aid programs.
16		"Member of the family" has the same meaning ascribed to
17		that term under Section 529 of the Internal Revenue Code.
18		"Nonqualified withdrawal" means a distribution from an
19		account other than a distribution that (i) is used for the
20		qualified expenses of the designated beneficiary; (ii) results
21		from the beneficiary's death or disability; (iii) is a
22		rollover to another account in the College Savings Pool; or
23		(iv) is a rollover to an ABLE account, as defined in Section
24		16.6 of this Act, or any distribution that, within 60 days
25		after such distribution, is transferred to an ABLE account of
26		the designated beneficiary or a member of the family of the

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1		designated beneficiary to the extent that the distribution,
2		when added to all other contributions made to the ABLE account
3		for the taxable year, does not exceed the limitation under
4		Section 529A(b) of the Internal Revenue Code; or (v) is a
5		rollover to a Roth IRA account to the extent permitted by
6		Section 529 of the Internal Revenue Code.
7		"Qualified expenses" means: (i) tuition, fees, and the
8		costs of books, supplies, and equipment required for
9		enrollment or attendance at an eligible educational
10		institution; (ii) expenses for special needs services, in the
11		case of a special needs beneficiary, which are incurred in
12		connection with such enrollment or attendance; (iii) certain
13		expenses, to the extent they qualify as qualified higher
14		education expenses under Section 529 of the Internal Revenue
15		Code, for the purchase of computer or peripheral equipment or
16		Internet access and related services, if such equipment,
17		software, or services are to be used primarily by the
18		beneficiary during any of the years the beneficiary is
19		enrolled at an eligible educational institution, except that,
20		such expenses shall not include expenses for computer software
21		designed for sports, games, or hobbies, unless the software is
22		predominantly educational in nature; (iv) room and board
23		expenses incurred while attending an eligible educational
24		institution at least half-time; (v) expenses for fees, books,
25		supplies, and equipment required for the participation of a
26		designated beneficiary in an apprenticeship program registered

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1		and certified with the Secretary of Labor under the National
2		Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as
3		principal or interest on any qualified education loan of the
4		designated beneficiary or a sibling of the designated
5		beneficiary, as allowed under Section 529 of the Internal
6		Revenue Code. A student shall be considered to be enrolled at
7		least half-time if the student is enrolled for at least half
8		the full-time academic workload for the course of study the
9		student is pursuing as determined under the standards of the
10		institution at which the student is enrolled.
11		(b) Establishment of the Pool. The State Treasurer may
12		establish and administer the College Savings Pool as a
13		qualified tuition program under Section 529 of the Internal
14		Revenue Code. The Pool may consist of one or more college
15		savings programs. The State Treasurer, in administering the
16		College Savings Pool, may: (1) receive, hold, and invest
17		moneys paid into the Pool; and (2) perform any other action he
18		or she deems necessary to administer the Pool, including any
19		other actions necessary to ensure that the Pool operates as a
20		qualified tuition program in accordance with Section 529 of
21		the Internal Revenue Code.
22		(c) Administration of the College Savings Pool. The State
23		Treasurer may delegate duties related to the College Savings
24		Pool to one or more contractors. The contributions deposited
25		in the Pool, and any earnings thereon, shall not constitute
26		property of the State or be commingled with State funds and the

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1		State shall have no claim to or against, or interest in, such
2		funds; provided that the fees collected by the State Treasurer
3		in accordance with this Act, scholarship programs administered
4		by the State Treasurer, and seed funds deposited by the State
5		Treasurer under Section 16.8 of the Act are State funds.
6		(c-5) College Savings Pool Account Summaries. The State
7		Treasurer shall provide a separate accounting for each
8		designated beneficiary. The separate accounting shall be
9		provided to the account owner of the account for the
10		designated beneficiary at least annually and shall show the
11		account balance, the investment in the account, the investment
12		earnings, and the distributions from the account.
13		(d) Availability of the College Savings Pool. The State
14		Treasurer may permit persons, including trustees of trusts and
15		custodians under a Uniform Transfers to Minors Act or Uniform
16		Gifts to Minors Act account, and certain legal entities to be
17		account owners, including as part of a scholarship program,
18		provided that: (1) an individual, trustee or custodian must
19		have a valid social security number or taxpayer identification
20		number, be at least 18 years of age, and have a valid United
21		States street address; and (2) a legal entity must have a valid
22		taxpayer identification number and a valid United States
23		street address. In-state and out-of-state persons, trustees,
24		custodians, and legal entities may be account owners and
25		donors, and both in-state and out-of-state individuals may be
26		designated beneficiaries in the College Savings Pool.

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1		(e) Fees. Any fees, costs, and expenses, including
2		investment fees and expenses and payments to third parties,
3		related to the College Savings Pool, shall be paid from the
4		assets of the College Savings Pool. The State Treasurer shall
5		establish fees to be imposed on accounts to cover such fees,
6		costs, and expenses, to the extent not paid directly out of the
7		investments of the College Savings Pool, and to maintain an
8		adequate reserve fund in line with industry standards for
9		government operated funds. The Treasurer must use his or her
10		best efforts to keep these fees as low as possible and
11		consistent with administration of high quality competitive
12		college savings programs.
13		(f) Investments in the State. To enhance the safety and
14		liquidity of the College Savings Pool, to ensure the
15		diversification of the investment portfolio of the College
16		Savings Pool, and in an effort to keep investment dollars in
17		the State of Illinois, the State Treasurer may make a
18		percentage of each account available for investment in
19		participating financial institutions doing business in the
20		State.
21		(g) Investment policy. The Treasurer shall develop,
22		publish, and implement an investment policy covering the
23		investment of the moneys in each of the programs in the College
24		Savings Pool. The policy shall be published each year as part
25		of the audit of the College Savings Pool by the Auditor
26		General, which shall be distributed to all account owners in

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1		such program. The Treasurer shall notify all account owners in
2		such program in writing, and the Treasurer shall publish in a
3		newspaper of general circulation in both Chicago and
4		Springfield, any changes to the previously published
5		investment policy at least 30 calendar days before
6		implementing the policy. Any investment policy adopted by the
7		Treasurer shall be reviewed and updated if necessary within 90
8		days following the date that the State Treasurer takes office.
9		(h) Investment restrictions. An account owner may,
10		directly or indirectly, direct the investment of his or her
11		account only as provided in Section 529(b)(4) of the Internal
12		Revenue Code. Donors and designated beneficiaries, in those
13		capacities, may not, directly or indirectly, direct the
14		investment of an account.
15		(i) Distributions. Distributions from an account in the
16		College Savings Pool may be used for the designated
17		beneficiary's qualified expenses, and if not used in that
18		manner, may be considered a nonqualified withdrawal. Funds
19		contained in a College Savings Pool account may be rolled over
20		into:
21		(1) an eligible ABLE account, as defined in Section
22		16.6 of this Act to the extent permitted by Section 529 of
23		the Internal Revenue Code; , or
24		(2) another qualified tuition program, to the extent
25		permitted by Section 529 of the Internal Revenue Code; or
26		(3) a Roth IRA account, to the extent permitted by

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1		Section 529 of the Internal Revenue Code.
2		Distributions made from the College Savings Pool may be
3		made directly to the eligible educational institution,
4		directly to a vendor, in the form of a check payable to both
5		the designated beneficiary and the institution or vendor,
6		directly to the designated beneficiary or account owner, or in
7		any other manner that is permissible under Section 529 of the
8		Internal Revenue Code.
9		(j) Contributions. Contributions to the College Savings
10		Pool shall be as follows:
11		(1) Contributions to an account in the College Savings
12		Pool may be made only in cash.
13		(2) The Treasurer shall limit the contributions that
14		may be made to the College Savings Pool on behalf of a
15		designated beneficiary, as required under Section 529 of
16		the Internal Revenue Code, to prevent contributions for
17		the benefit of a designated beneficiary in excess of those
18		necessary to provide for the qualified expenses of the
19		designated beneficiary. The Pool shall not permit any
20		additional contributions to an account as soon as the sum
21		of (i) the aggregate balance in all accounts in the Pool
22		for the designated beneficiary and (ii) the aggregate
23		contributions in the Illinois Prepaid Tuition Program for
24		the designated beneficiary reaches the specified balance
25		limit established from time to time by the Treasurer.
26		(k) Illinois Student Assistance Commission. The Treasurer

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1		and the Illinois Student Assistance Commission shall each
2		cooperate in providing each other with account information, as
3		necessary, to prevent contributions in excess of those
4		necessary to provide for the qualified expenses of the
5		designated beneficiary, as described in subsection (j).
6		The Treasurer shall work with the Illinois Student
7		Assistance Commission to coordinate the marketing of the
8		College Savings Pool and the Illinois Prepaid Tuition Program
9		when considered beneficial by the Treasurer and the Director
10		of the Illinois Student Assistance Commission.
11		(l) Prohibition; exemption. No interest in the program, or
12		any portion thereof, may be used as security for a loan. Moneys
13		held in an account invested in the College Savings Pool shall
14		be exempt from all claims of the creditors of the account
15		owner, donor, or designated beneficiary of that account,
16		except for the non-exempt College Savings Pool transfers to or
17		from the account as defined under subsection (j) of Section
18		12-1001 of the Code of Civil Procedure.
19		(m) Taxation. The assets of the College Savings Pool and
20		its income and operation shall be exempt from all taxation by
21		the State of Illinois and any of its subdivisions. The accrued
22		earnings on investments in the Pool once disbursed on behalf
23		of a designated beneficiary shall be similarly exempt from all
24		taxation by the State of Illinois and its subdivisions, so
25		long as they are used for qualified expenses. Contributions to
26		a College Savings Pool account during the taxable year may be

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1		deducted from adjusted gross income as provided in Section 203
2		of the Illinois Income Tax Act. The provisions of this
3		paragraph are exempt from Section 250 of the Illinois Income
4		Tax Act.
5		(n) Rules. The Treasurer shall adopt rules he or she
6		considers necessary for the efficient administration of the
7		College Savings Pool. The rules shall provide whatever
8		additional parameters and restrictions are necessary to ensure
9		that the College Savings Pool meets all the requirements for a
10		qualified tuition program under Section 529 of the Internal
11		Revenue Code.
12		Notice of any proposed amendments to the rules and
13		regulations shall be provided to all account owners prior to
14		adoption.
15		(o) Bond. The State Treasurer shall give bond with at
16		least one surety, payable to and for the benefit of the account
17		owners in the College Savings Pool, in the penal sum of
18		$10,000,000, conditioned upon the faithful discharge of his or
19		her duties in relation to the College Savings Pool.
20		(p) The changes made to subsections (c) and (e) of this
21		Section by Public Act 101-26 are intended to be a restatement
22		and clarification of existing law.
23		(Source: P.A. 101-26, eff. 6-21-19; 101-81, eff. 7-12-19;
24		102-186, eff. 7-30-21.)
25		(15 ILCS 505/16.6)

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1		Sec. 16.6. ABLE account program.
2		(a) As used in this Section:
3		"ABLE account" or "account" means an account established
4		for the purpose of financing certain qualified expenses of
5		eligible individuals as specifically provided for in this
6		Section and authorized by Section 529A of the Internal Revenue
7		Code.
8		"ABLE account plan" or "plan" means the savings account
9		plan provided for in this Section.
10		"Account administrator" means the person or entity
11		selected by the State Treasurer to administer the daily
12		operations of the ABLE account plan and provide marketing,
13		recordkeeping, investment management, and other services for
14		the plan.
15		"Aggregate account balance" means the amount in an account
16		on a particular date or the fair market value of an account on
17		a particular date.
18		"Beneficiary" or "designated beneficiary" means the ABLE
19		account owner.
20		"Contracting state" means a state without a qualified ABLE
21		program which has entered into a contract with Illinois to
22		provide residents of the contracting state access to a
23		qualified ABLE program.
24		"Designated representative" means a person or entity who
25		is authorized to act on behalf of a "designated beneficiary".
26		A designated beneficiary is authorized to act on his or her own

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1		behalf unless the designated beneficiary is a minor or the
2		designated beneficiary has been adjudicated to have a
3		disability so that a guardian has been appointed. A designated
4		representative acts in a fiduciary capacity to the designated
5		beneficiary. A person or entity seeking to open an ABLE
6		account on behalf of a designated beneficiary must provide
7		certification, subject to penalties of perjury, of the basis
8		for the person's or entity's authority to act as a designated
9		representative and that there is no other person or entity
10		with higher priority to establish the ABLE account under
11		Section 529A of the Internal Revenue Code and federal
12		regulations.
13		"Disability certification" has the meaning given to that
14		term under Section 529A of the Internal Revenue Code.
15		"Eligible individual" has the meaning given to that term
16		under Section 529A of the Internal Revenue Code.
17		"Internal Revenue Code" means the federal Internal Revenue
18		Code.
19		"Participation agreement" means an agreement to
20		participate in the ABLE account plan between a designated
21		beneficiary and the State, through its agencies and the State
22		Treasurer.
23		"Qualified disability expenses" has the meaning given to
24		that term under Section 529A of the Internal Revenue Code.
25		"Qualified withdrawal" or "qualified distribution" means a
26		withdrawal from an ABLE account to pay the qualified

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1		disability expenses of the beneficiary of the account.
2		(b) Establishment of the ABLE Program. The "Achieving a
3		Better Life Experience" or "ABLE" account program is hereby
4		created and shall be administered by the State Treasurer. The
5		purpose of the ABLE program is to encourage and assist
6		individuals and families in saving private funds for the
7		purpose of supporting individuals with disabilities to
8		maintain health, independence, and quality of life, and to
9		provide secure funding for disability-related expenses on
10		behalf of designated beneficiaries with disabilities that will
11		supplement, but not supplant, benefits provided through
12		private insurance, federal and State medical and disability
13		insurance, the beneficiary's employment, and other sources.
14		Under the plan, a person or entity may make contributions to an
15		ABLE account to meet the qualified disability expenses of the
16		designated beneficiary of the account. The plan must be
17		operated as an accounts-type plan that permits saving persons
18		to save for qualified disability expenses incurred by or on
19		behalf of an eligible individual.
20		(c) Promotion of the ABLE Program. The State Treasurer
21		shall promote awareness of the availability and advantages of
22		the ABLE account plan as a way to assist individuals and
23		families in saving private funds for the purpose of supporting
24		individuals with disabilities.
25		(d) Availability of the ABLE Program. An ABLE account may
26		be established under this Section for a designated beneficiary

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1		who is a resident of Illinois, a resident of a contracting
2		state, or a resident of any other state.
3		Annual contributions to an ABLE account on behalf of a
4		beneficiary are subject to the requirements of subsection (b)
5		of Section 529A of the Internal Revenue Code. No person or
6		entity may make a contribution to an ABLE account if such a
7		contribution would result in the aggregate account balance of
8		an ABLE account exceeding the account balance limit authorized
9		under Section 529A of the Internal Revenue Code. The Treasurer
10		shall review the contribution limit at least annually. A
11		separate account must be maintained for each beneficiary for
12		whom contributions are made, and no more than one account
13		shall be established per beneficiary. If an ABLE account is
14		established for a designated beneficiary, no account
15		subsequently established for such beneficiary shall be treated
16		as an ABLE account. The preceding sentence shall not apply in
17		the case of an ABLE account established for purposes of a
18		rollover as permitted under Sections 529 and 529A of the
19		Internal Revenue Code.
20		(e) Administration of the ABLE Program. The State
21		Treasurer shall administer the plan, including accepting and
22		processing applications, maintaining account records, making
23		payments, and undertaking any other necessary tasks to
24		administer the plan, including the appointment of an account
25		administrator. The State Treasurer may contract with one or
26		more third parties to carry out some or all of these

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1		administrative duties, including, but not limited to,
2		providing investment management services, incentives, and
3		marketing the plan. The State Treasurer may enter into
4		agreements with other states to either allow Illinois
5		residents to participate in a plan operated by another state
6		or to allow residents of other states to participate in the
7		Illinois ABLE plan. The State Treasurer may require any
8		certifications that he or she deems necessary to implement the
9		program, including oaths or affirmations made under penalties
10		of perjury.
11		(f) Fees. The State Treasurer may establish fees to be
12		imposed on participants to cover the costs of administration,
13		recordkeeping, and investment management. The State Treasurer
14		must use his or her best efforts to keep these fees as low as
15		possible, consistent with efficient administration.
16		(g) The Illinois ABLE Accounts Administrative Fund. The
17		Illinois ABLE Accounts Administrative Fund is created as a
18		nonappropriated trust fund in the State treasury. The State
19		Treasurer shall use moneys in the Administrative Fund to cover
20		administrative expenses incurred under this Section. The
21		Administrative Fund may receive any grants or other moneys
22		designated for administrative purposes from the State, or any
23		unit of federal, state, or local government, or any other
24		person, firm, partnership, or corporation. Any interest
25		earnings that are attributable to moneys in the Administrative
26		Fund must be deposited into the Administrative Fund. Any fees

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1		established by the State Treasurer to cover the costs of
2		administration, recordkeeping, and investment management shall
3		be deposited into the Administrative Fund.
4		Subject to appropriation, the State Treasurer may pay
5		administrative costs associated with the creation and
6		management of the plan until sufficient assets are available
7		in the Administrative Fund for that purpose.
8		(h) Privacy. Applications for accounts and other records
9		obtained or compiled by the Treasurer or the Treasurer's
10		agents reflecting , designated beneficiary information data,
11		account information data, or designated representative
12		information and data on beneficiaries of accounts are
13		confidential and exempt from disclosure under the Freedom of
14		Information Act.
15		(i) Investment Policy. The Treasurer shall prepare and
16		adopt a written statement of investment policy that includes a
17		risk management and oversight program which shall be reviewed
18		annually and posted on the Treasurer's website prior to
19		implementation. The risk management and oversight program
20		shall be designed to ensure that an effective risk management
21		system is in place to monitor the risk levels of the ABLE plan,
22		to ensure that the risks taken are prudent and properly
23		managed, to provide an integrated process for overall risk
24		management, and to assess investment returns as well as risk
25		to determine if the risks taken are adequately compensated
26		compared to applicable performance benchmarks and standards.

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1		To enhance the safety and liquidity of ABLE accounts, to
2		ensure the diversification of the investment portfolio of
3		accounts, and in an effort to keep investment dollars in the
4		State, the State Treasurer may make a percentage of each
5		account available for investment in participating financial
6		institutions doing business in the State, except that the
7		accounts may be invested without limit in investment options
8		from open-ended investment companies registered under Section
9		80a of the federal Investment Company Act of 1940. The State
10		Treasurer may contract with one or more third parties for
11		investment management, recordkeeping, or other services in
12		connection with investing the accounts.
13		(j) Investment restrictions. The State Treasurer shall
14		ensure that the plan meets the requirements for an ABLE
15		account under Section 529A of the Internal Revenue Code. The
16		State Treasurer may request a private letter ruling or rulings
17		from the Internal Revenue Service and must take any necessary
18		steps to ensure that the plan qualifies under relevant
19		provisions of federal law. Notwithstanding the foregoing, any
20		determination by the Secretary of the Treasury of the United
21		States that an account was utilized to make non-qualified
22		distributions shall not result in an ABLE account being
23		disregarded as a resource.
24		(k) Contributions. A person or entity may make
25		contributions to an ABLE account on behalf of a beneficiary.
26		Contributions to an account made by persons or entities other

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1		than the designated beneficiary become the property of the
2		designated beneficiary. Contributions to an account shall be
3		considered as a transfer of assets for fair market value. A
4		person or entity does not acquire an interest in an ABLE
5		account by making contributions to an account. A contribution
6		to any account for a beneficiary must be rejected if the
7		contribution would cause either the aggregate or annual
8		account balance of the account to exceed the limits imposed by
9		Section 529A of the Internal Revenue Code.
10		Any change in designated beneficiary must be done in a
11		manner consistent with Section 529A of the Internal Revenue
12		Code.
13		(l) Notice. Notice of any proposed amendments to the rules
14		and regulations shall be provided to all designated
15		beneficiaries or their designated representatives prior to
16		adoption. Amendments to rules and regulations shall apply only
17		to contributions made after the adoption of the amendment.
18		Amendments to this Section automatically amend the
19		participation agreement. Any amendments to the operating
20		procedures and policies of the plan shall automatically amend
21		the participation agreement after adoption by the State
22		Treasurer.
23		(m) Plan assets. All assets of the plan, including any
24		contributions to accounts, are held in trust for the exclusive
25		benefit of the designated beneficiary and shall be considered
26		spendthrift accounts exempt from all of the designated

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1		beneficiary's creditors. The plan shall provide separate
2		accounting for each designated beneficiary sufficient to
3		satisfy the requirements of paragraph (3) of subsection (b) of
4		Section 529A of the Internal Revenue Code. Assets must be held
5		in either a state trust fund outside the State treasury, to be
6		known as the Illinois ABLE plan trust fund, or in accounts with
7		a third-party provider selected pursuant to this Section.
8		Amounts contributed to ABLE accounts shall not be commingled
9		with State funds and the State shall have no claim to or
10		against, or interest in, such funds.
11		Plan assets are not subject to claims by creditors of the
12		State and are not subject to appropriation by the State.
13		Payments from the Illinois ABLE account plan shall be made
14		under this Section.
15		The assets of ABLE accounts and their income may not be
16		used as security for a loan.
17		(n) Taxation. The assets of ABLE accounts and their income
18		and operation shall be exempt from all taxation by the State of
19		Illinois and any of its subdivisions to the extent exempt from
20		federal income taxation. The accrued earnings on investments
21		in an ABLE account once disbursed on behalf of a designated
22		beneficiary shall be similarly exempt from all taxation by the
23		State of Illinois and its subdivisions to the extent exempt
24		from federal income taxation, so long as they are used for
25		qualified expenses.
26		Notwithstanding any other provision of law that requires

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1		consideration of one or more financial circumstances of an
2		individual, for the purpose of determining eligibility to
3		receive, or the amount of, any assistance or benefit
4		authorized by such provision to be provided to or for the
5		benefit of such individual, any amount, including earnings
6		thereon, in the ABLE account of such individual, any
7		contributions to the ABLE account of the individual, and any
8		distribution for qualified disability expenses shall be
9		disregarded for such purpose with respect to any period during
10		which such individual maintains, makes contributions to, or
11		receives distributions from such ABLE account.
12		(o) Distributions. The designated beneficiary or the
13		designated representative of the designated beneficiary may
14		make a qualified distribution for the benefit of the
15		designated beneficiary. Qualified distributions shall be made
16		for qualified disability expenses allowed pursuant to Section
17		529A of the Internal Revenue Code. Qualified distributions
18		must be withdrawn proportionally from contributions and
19		earnings in a designated beneficiary's account on the date of
20		distribution as provided in Section 529A of the Internal
21		Revenue Code. Unless prohibited by federal law, upon the death
22		of a designated beneficiary, proceeds from an account may be
23		transferred to the estate of a designated beneficiary, or to
24		an account for another eligible individual specified by the
25		designated beneficiary or the estate of the designated
26		beneficiary, or transferred pursuant to a payable on death

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1		account agreement. A payable on death account agreement may be
2		executed by the designated beneficiary or a designated
3		representative who has been granted such power. Upon the death
4		of a designated beneficiary, prior to distribution of the
5		balance to the estate, account for another eligible
6		individual, or transfer pursuant to a payable on death account
7		agreement, the State Treasurer may require verification that
8		the funeral and burial expenses of the designated beneficiary
9		have been paid. An agency or instrumentality of the State may
10		not seek payment under subsection (f) of Section 529A of the
11		federal Internal Revenue Code from the account or its proceeds
12		for benefits provided to a designated beneficiary.
13		(p) Rules. The State Treasurer may adopt rules to carry
14		out the purposes of this Section. The State Treasurer shall
15		further have the power to issue peremptory rules necessary to
16		ensure that ABLE accounts meet all of the requirements for a
17		qualified state ABLE program under Section 529A of the
18		Internal Revenue Code and any regulations issued by the
19		Internal Revenue Service.
20		(q) Name. The ABLE Account Program may also be referred to
21		as the Senator Scott Bennett ABLE Program.
22		(Source: P.A. 101-329, eff. 8-9-19; 102-392, eff. 8-16-21;
23		102-1024, eff. 5-27-22.)
24		Section 99. Effective date. This Act takes effect upon
25		becoming law.".