(a) The Commissioner shall implement and administer the program under the terms and conditions established by this Part and in conformity with federal law, including the Federal ABLE Act. The Commissioner shall have the authority to:(1) develop and implement the program in a manner consistent with this Part;(2) engage in the services of consultants on a contractual basis for rendering professional and technical assistance and advice;(3) seek guidance from the Secretary and Internal Revenue Bureau relating to the program;(4) make any changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by § 529A of the Internal Revenue Code of 1986, as amended, and as provided under this Part;(5) develop marketing plans and promotional materials in consultation with the Department of Human Services and the Disability Rights Center of the Virgin Islands, and conduct ongoing outreach and education efforts to inform eligible individuals and their families about ABLE account benefits and procedures.(6) establish the method by which funds shall be allocated to pay for administrative costs; and(7) notify the Secretary, if required, when an account has been opened for a designated beneficiary and submit other reports concerning the program required by the Secretary.
(1) develop and implement the program in a manner consistent with this Part;
(2) engage in the services of consultants on a contractual basis for rendering professional and technical assistance and advice;
(3) seek guidance from the Secretary and Internal Revenue Bureau relating to the program;
(4) make any changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by § 529A of the Internal Revenue Code of 1986, as amended, and as provided under this Part;
(5) develop marketing plans and promotional materials in consultation with the Department of Human Services and the Disability Rights Center of the Virgin Islands, and conduct ongoing outreach and education efforts to inform eligible individuals and their families about ABLE account benefits and procedures.
(6) establish the method by which funds shall be allocated to pay for administrative costs; and
(7) notify the Secretary, if required, when an account has been opened for a designated beneficiary and submit other reports concerning the program required by the Secretary.
(b) The Commissioner may implement the program using financial organizations as account depositories and managers. The Commissioner may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations that submit proposals shall describe the investment instruments which will be held in accounts. The Commissioner may select more than one (1) financial organization and investment instrument for the program. The Commissioner shall select as program depositories and managers of the financial organization or organizations, from among the financial organizations seeking the contract, that demonstrate the most advantageous combination, both to potential program participants and to the Virgin Islands, of the following factors:(1) financial stability and integrity of the financial organization;(2) the safety of the investment instrument being offered;(3) the ability of the financial organization to satisfy record-keeping and reporting requirements;(4) the financial organization’s plan for promoting the program and the investment the organization’s willingness to make to promote the program;(5) the fees, if any, proposed to be charged to the account of owners;(6) the minimum initial deposit and minimum contributions that the financial organization will require;(7) the availability of debit cards;(8) the ability of the financial organization to accept electronic withdrawals, including payroll deduction plans; and(9) other benefits to the Virgin Islands or its residents included in the proposal, including fees payable to the Department to cover expenses of operation of the program.
(1) financial stability and integrity of the financial organization;
(2) the safety of the investment instrument being offered;
(3) the ability of the financial organization to satisfy record-keeping and reporting requirements;
(4) the financial organization’s plan for promoting the program and the investment the organization’s willingness to make to promote the program;
(5) the fees, if any, proposed to be charged to the account of owners;
(6) the minimum initial deposit and minimum contributions that the financial organization will require;
(7) the availability of debit cards;
(8) the ability of the financial organization to accept electronic withdrawals, including payroll deduction plans; and
(9) other benefits to the Virgin Islands or its residents included in the proposal, including fees payable to the Department to cover expenses of operation of the program.
(c) The Commissioner may enter into contracts and agreements with a financial organization or organizations necessary to implement this Part.