Establishing the achieving a better life experience (ABLE) savings account program administrative fund.
Impact
By creating the ABLE administrative fund, the bill allows for the collection of administrative assessments from the New Hampshire ABLE savings plan, which will be used to cover the costs of administering the plan. This funding approach aims to ensure that no general fund moneys will be involved in the support of the savings plan or its implementation, making it financially sustainable. The nonlapsing nature of the fund ensures that the money is continually appropriated to the treasurer for the program's support, allowing for stability and continuity in providing financial assistance to individuals with disabilities.
Summary
Senate Bill 377 establishes the Achieving a Better Life Experience (ABLE) savings account program administrative fund in New Hampshire. This program aims to provide individuals with disabilities or their families the opportunity to save for disability-related expenses in a tax-advantaged manner. The bill mandates the state treasurer and the executive director to administer the qualified ABLE savings account program, in compliance with federal legislation related to the ABLE Act of 2014 and Section 529A of the Internal Revenue Code. It outlines the responsibilities for the administration, management, and marketing of the program, ensuring proper oversight and funding methods.
Contention
Notably, while the bill has garnered bipartisan support due to its intentions to aid individuals with disabilities, discussions may arise regarding the effectiveness of financial literacy and accessibility of the program to the targeted demographics. There could be concerns about how well the program promotes participation among eligible individuals, as engagement is vital to the fund's success. Additionally, lawmakers and stakeholders could debate the adequacy of the administrative setup and potential impacts on other state-funded programs designed to support individuals with disabilities.
To Amend The Achieving A Better Life Experience Program Act; And To Amend The Definitions Of "disability Certification" And "eligible Individual" To Change Disability Onset Age From Twenty-six To Forty-six.