R.I. Gen. Laws § 42-7.2-20.2

Current through 2024 Public Law 457

Section 42-7.2-20.2 - Definitions

As used in this section, the following words shall, unless the context clearly requires otherwise, have the following meanings:

(1) "Achieving a better life experience account" or "ABLE account" means an account established under the achieving a better life experience program pursuant to this section and any implementing regulations for the purposes of funding future, qualified disability expenses of a designated beneficiary.

(2) "Achieving a better life experience program" or "program" means the qualified ABLE program established and administered jointly by the executive office, in conjunction with the SIC as defined herein and, to the extent so delegated or contracted, any designated administrators.

(3) "Contracting state" means a state that has entered into a contract with the executive office to provide residents of Rhode Island or that state with access to a qualified ABLE program.

(4) "Designated administrator" means any corporation or other entity whose powers and privileges are provided for in any general or special law, whether for profit or not, designated or retained by the executive office for the purpose of administering, subject to the executive office's and SIC's ongoing supervision, all or any portion of the investment, marketing, recordkeeping, administrative, or other functions of the program.

(5) "Designated beneficiary" means the individual with a disability named as the beneficiary of an ABLE account.

(6) "Executive office" means the executive office of health and human services (EOHHS) or an agency thereof as designated by the secretary of EOHHS.

(7) "Individual with a disability" means an individual who is an "eligible individual" as defined under 26 U.S.C. § 529A.

(8) "Qualified ABLE program" means a "qualified ABLE program" as defined under 26 U.S.C. § 529A.

(9) "Qualified disability expenses" means "qualified disability expenses" as defined under 26 U.S.C. § 529A.

(10) "Secretary of EOHHS" means the secretary of the executive office of health and human services.

(11) "Secretary of the Treasury" means the Secretary of the Treasury of the United States.

(12) "Section 529A" means Section 529A of the Internal Revenue Code of 1986, as amended, (26 U.S.C. § 529A) or any successor provision thereto, and any regulations promulgated thereunder or tax announcements or other binding regulatory guidance provided with respect thereto.

(13) "State" means the state of Rhode Island.

(14) "State investment commission" or "SIC" means the state investment commission as established by § 35-10-1.

R.I. Gen. Laws § 42-7.2-20.2

Added by 2015 Pub. Laws, ch. 158,§ 1, eff. 1/1/2016.

Added by 2015 Pub. Laws, ch. 187,§ 1, eff. 1/1/2016.