Definitions

As used in this chapter, the term: (1) ‘‘ABLE account’’ means an account established and owned by an eligible individual pursuant to this chapter. (2) ‘‘Board’’ means the board of directors of the Georgia ABLE Program Corporation. (3) ‘‘Corporation’’ means the Georgia ABLE Program Corporation created pursuant to Code Section 30-9-4. (4) ‘‘Designated beneficiary’’ means the eligible individual who establishes an ABLE account or to whom an ABLE account is transferred. (5) ‘‘Eligible individual’’ means an eligible individual as defined in Section 529A of the Internal Revenue Code. (6) ‘‘Georgia ABLE program’’ or ‘‘program’’ means a qualified ABLE program established pursuant to this chapter. (7) ‘‘Internal Revenue Code’’ has the meaning provided in Code Section 48-1-2. (8) ‘‘Participation agreement’’ means the agreement between the board and an eligible individual participating in the Georgia ABLE Program Trust Fund or his or her fiduciary. (9) ‘‘Qualified ABLE Program’’ means a program established pursuant to Section 529A of the Internal Revenue Code. (10) ‘‘Qualified disability expense’’ means an expense as defined in Section 529A of the Internal Revenue Code. (11) ‘‘Trust fund’’ means the Georgia ABLE Program Trust Fund. (Code 1981, § 30-9-3, enacted by Ga. L. 2016, p. 588, § 1/HB 768.) 30-9-4. Georgia ABLE Program Corporation created; board of directors and its membership; powers, duties, and administration. (a)(1) There is created the Georgia ABLE Program Corporation, as a body corporate and politic and an instrumentality of the state, for purposes of establishing and administering the Georgia ABLE Program. The corporation shall be governed by a board of directors 841 30-9-4 consisting of the commissioner of behavioral health and developmental disabilities; the commissioner of community health; the state auditor; the director of the Office of Planning and Budget; the state revenue commissioner; the state treasurer; and three directors who shall be appointed by and serve at the pleasure of the Governor, who shall include at least two persons who are persons with a disability, a family member of a person with a disability, or a disability advocacy professional. The board shall elect a chairperson from its membership. The state treasurer shall act as administrative officer of the board. A majority of the board shall constitute a quorum, and the acts of the majority shall be the acts of the board. (2) Members of the board who are state officials or employees shall receive no compensation for their service on the board but may be reimbursed for expenses incurred by them in the performance of their duties as members of the board. Any members of the board who are not state officials or employees shall receive a daily expense allowance in the amount specified in subsection (b) of Code Section 45-7-21 for each day such member is in attendance at a meeting of the board. Expense allowances and other costs authorized in this paragraph shall be paid from moneys in the trust fund. (b) The board shall have the authority necessary or convenient to carry out the purposes and provisions of this chapter and the purposes and objectives of the trust fund, including, but not limited to, the authority to: (1) Have a seal and alter the same at its pleasure; bring and defend actions; make, execute, and deliver contracts, conveyances, and other instruments necessary or convenient to the exercise of its powers; and make and amend bylaws; (2) Adopt such rules and regulations as are necessary to implement this chapter, subject to applicable federal laws and regulations; (3) Contract for necessary goods and services; employ necessary personnel; engage the services of consultants and other qualified persons and entities for administrative and technical assistance in carrying out its responsibilities under this chapter; and contract with state or federal departments or agencies, upon such terms, for such consideration, and for such purposes as it deems advisable; (4) Solicit and accept gifts, including bequests or other testamentary gifts made by will, trust, or other disposition grants, loans, and other funds or aid from any endowment or other public or private source or participate in any other way in any federal, state, or local governmental program in carrying out the purposes of this chapter; (5) Define the terms and conditions under which payments may be withdrawn or refunded from an ABLE account or the trust fund 842 30-9-4 ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) 30-9-5 established under this chapter and impose reasonable charges for a withdrawal or refund; (6) Regulate the receipt of contributions or payments to the trust fund; (7) Require and collect fees and charges to cover the reasonable costs of administering ABLE accounts and impose a 10 percent penalty on the earnings portion included within a withdrawal of funds for nonqualified disability expenses or for entering into a participation agreement on a fraudulent basis; (8) Procure insurance against any loss in connection with the property, assets, and activities of the trust fund or the corporation; (9) Establish other policies, procedures, and criteria and perform such other acts as necessary or appropriate to implement and administer this chapter; and (10) Authorize the state treasurer to carry out any or all of the powers and duties enumerated in this chapter for efficient and effective administration of the program and trust fund. (c) The corporation is assigned to the Department of Administrative Services for administrative purposes only. (Code 1981, § 30-9-4, enacted by Ga. L. 2016, p. 588, § 1/HB 768.) 30-9-5. Georgia ABLE Program established for participants to make contributions to accounts for purpose of meeting qualified disability expenses of designated beneficiary. (a) The board shall be authorized to establish a Georgia ABLE Program under which a person may make contributions for a taxable year, for the benefit of an eligible individual, to an ABLE account established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the ABLE account. Any such program shall be administered by the corporation. Contributions and investment earnings on the contributions may be used for any qualified disability expenses of the designated beneficiary. Only one ABLE account may be established for any eligible individual. (b) In addition to or in lieu of establishing a Georgia ABLE Program pursuant to subsection (a) of this Code section, the corporation may: (1) Enter into an agreement with another state which allows the residents of such state to participate under the Georgia ABLE Program; (2) Enter into an agreement with one or more states or a consortium of states that has a qualified ABLE program to allow residents 843 30-9-7 of this state to participate in the qualified ABLE program of such other state, states, or consortium; or (3) Facilitate or otherwise provide access to allow residents of this state to participate in qualified ABLE programs operated by other states. (c) If a Georgia ABLE Program is established pursuant to subsection (a) of this Code section, it shall continue in existence until terminated by law. If the state determines that the program is financially infeasible, the state may terminate the program. Upon termination, amounts in the trust fund held for each designated beneficiary shall be returned in accordance with the participation agreement. (d) The state pledges to the designated beneficiaries that the state will not limit or alter their rights under this Code section which are vested in the Georgia ABLE Program until the program’s obligations are met and discharged. However, this subsection shall not preclude such limitation or alteration if adequate provision is made by law for the protection of the designated beneficiaries pursuant to the obligations of the corporation and does not preclude termination of the program pursuant to subsection (c) of this Code section. (Code 1981, § 30-9-5, enacted by Ga. L. 2016, p. 588, § 1/HB 768.) 30-9-6. Duties of board with respect to operating a Georgia ABLE Program. If the board establishes a Georgia ABLE Program pursuant to Code Section 30-9-5, the board shall: (1) Establish, implement, and maintain the program as a qualified ABLE program under Section 529A of the Internal Revenue Code; (2) Provide for the marketing of the program and develop and provide information to eligible individuals and their families necessary to establish and maintain an ABLE account; and (3) Make participation agreements and ABLE accounts available to eligible individuals. (Code 1981, § 30-9-6, enacted by Ga. L. 2016, p. 588, § 1/HB 768.) 30-9-7. Terms and conditions of participation agreements.