La. Admin. Code tit. 28 § VI-513

Current through Register Vol. 50, No. 11, November 20, 2024

Section VI-513 - Disbursement of Account Funds for Payment of QDEs

A. Request for Disbursement

1. An ABLE account administrator may request a disbursement at any time, but no more than twice per month.

2. The request for disbursement must include:

a. the ABLE account number;

b. the eligible Individual's name, address, and Social Security number;

c. the administrator's signature (may be electronic); and

d. the amount to be disbursed.

3. Requests for disbursements must be in whole dollar increments, must be no less than $200 and may be no more than the account balance.

4. In the event funds are invested in more than one investment option, the disbursement shall be made proportionally from each investment option in the account.

5. Disbursements will be made only to the administrator of the account.

6. Disbursements from investment options with variable earnings shall be assigned a trade date of one business day after the business day of receipt of the transfer request.

7. Disbursements made during a period in which the person for whose benefit the account was opened is not an eligible individual as defined in §507 will not be considered qualified disbursements.

B. Rate of Expenditure

1. The amount to be disbursed from an account shall be drawn from deposits and interest in the same ratio as these funds bear to the total value of the account as of the date of the disbursement.

2. The administrator may not withdraw an amount in excess of the QDEs of the eligible individual or the value of the account, whichever is less.

La. Admin. Code tit. 28, § VI-513

Promulgated by the Tuition Trust Authority, Office of Student Financial Assistance, LR 43642 (4/1/2017), Amended LR 47577 (5/1/2021).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3081-3089.