Iowa Admin. Code r. 781-20.5
Current through Register Vol. 47, No. 8, October 30, 2024
Rule 781-20.5 - Eligible individualAn account owner must be an eligible individual. This rule establishes the following other requirements for opening an account:
(1) An account owner may be a resident of any state.(2) An account owner must be a U.S. citizen or resident alien.(3) An account owner must have a valid social security number or tax identification number.(4) An account owner must have a valid permanent U.S. street address.(5) No eligible individual may have more than one account in an ABLE plan in existence at the same time. A prior ABLE account that has been closed does not prohibit the subsequent creation of another ABLE account for the same account owner. As part of the enrollment process, the person establishing the account will be required to certify under penalties of perjury that the eligible individual for whom the account is being established has no other ABLE account (except in the case of a rollover from an account that will terminate with the completion of the rollover).(6) If an individual desires to open an account based on benefits eligibility, the individual must make the following certifications under penalties of perjury that:a. The individual is entitled to benefits based on blindness or disability under Title II or XVI of the Social Security Act and has received a benefit verification letter from the Social Security Administration and agrees to retain and provide the letter (or a genuine copy of the letter or other evidence) to the plan, the plan administrator, the IRS, or the U.S. Department of the Treasury upon request; andb. The individual's disability meets the qualifications set forth in Section 529A.(7) If an individual desires to open an account based on certification eligibility, the individual must certify under penalties of perjury that the individual:a. Has a medically determinable physical or mental impairment which results in marked or severe functional limitations and which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months;b. Is blind (within the meaning of the Social Security Act); orc. Has a condition listed in the "List of Compassionate Allowances Conditions" maintained by the Social Security Administration. The individual must also certify that the disability, blindness, or compassionate allowances condition meets the qualifications set forth in Section 529A, and that the individual has a copy of the individual's diagnosis relating to the relevant impairment(s), signed by a physician meeting the criteria of Social Security Act Section 1861(r)(1). The individual must also agree to retain and provide a copy of the diagnosis and related information to the plan upon request.
(8) By maintaining an account, the account owner is making a continuing certification that the account owner is an eligible individual. It is the account owner's responsibility to notify the plan in writing if the account owner ceases to be an eligible individual. It is also the account owner's responsibility to notify the plan in writing if the account owner subsequently requalifies as an eligible individual.Iowa Admin. Code r. 781-20.5
Adopted by IAB May 22, 2019/Volume XLI, Number 24, effective 6/26/2019Amended by IAB June 28, 2023/Volume XLV, Number 26, effective 8/2/2023