Title I, STATE SOVEREIGNTY AND MANAGEMENT (Ch. 1 - 38D)

The trust may enter into participation agreements pursuant to the following terms and agreements: 1. a. Unless otherwise permitted under section 529A of the Internal Revenue Code , the treasurer of state shall allow only one participation agreement per designated beneficiary. b. …

1. a. The treasurer of state shall segregate moneys received by the trust into two funds: the program fund and the administrative fund. b. All moneys paid by account owners or other persons on behalf of a designated beneficiary in connection with participation agreements shall be…

An account owner may cancel a participation agreement at will. Upon cancellation of a participation agreement, an account owner shall be entitled to the return of the account owner’s account balance. 2015 Acts, ch 137, §80, 162, 163

1. a. An account owner retains ownership of all contributions made on behalf of a designated beneficiary under a participation agreement up to the date of utilization for payment of qualified disability expenses of the designated beneficiary. b. All income derived from the invest…

1. a. The treasurer of state shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the trust by November 1 to the governor and the general assembly. b. The annual audit shall be made either by t…

1. For federal income tax purposes, the Iowa ABLE savings plan trust shall be considered a qualified ABLE program exempt from taxation pursuant to section 529A of the Internal Revenue Code and shall be operated so that it meets the requirements of section 529A of the Internal Rev…

1. The assets of the trust shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and shall be held in trust for the account owners and designated beneficiaries. 2. Except as provided in section 12I.4, subsection 3 , no property righ…