Legislation
SECTION 99-X
New York achieving a better life experience (NY ABLE) savings program trust fund
State Finance (STF) CHAPTER 56, ARTICLE 6
§ 99-x. New York achieving a better life experience (NY ABLE) savings
program trust fund. 1. There is hereby established in the sole custody
of the state comptroller a special fund to be known as the New York
achieving a better life experience (NY ABLE) savings program trust fund.
All payments from such fund shall be made in accordance with article
eighty-four of the mental hygiene law.
2. The fund shall be a trust fund and shall consist of a trust account
and an operating account. The trust account shall include amounts
received by the NY ABLE savings program pursuant to NY ABLE savings
agreements, administrative charges, fees, and all other amounts received
by the program from other sources, and interest and investment income
earned by the trust fund. The comptroller shall, from time to time, make
transfers from the trust account to the operating account for the
immediate payment of obligations under NY ABLE savings agreements,
operating expenses and administrative costs of the NY ABLE savings
program. Administrative costs shall be paid out of the operating account
according to the terms and conditions established pursuant to the
provisions of section 84.05 of the mental hygiene law.
3. (a) The comptroller, as trustee, shall invest the assets of the
trust fund with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in a like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims.
(b) Trust fund assets shall be kept separate and shall not be
commingled with other assets, except as provided herein. The comptroller
may enter into contracts to provide for investment advice and
management, custodial services, and other professional services for the
administration and investment of the program. Administrative fees, costs
and expenses, including investment fees and expenses, shall be paid from
the assets of the fund.
4. The comptroller shall provide for the administration of the trust
fund, including maintaining participant records and accounts, and
providing annual audited reports. The comptroller may enter into
contracts to provide administrative services and reporting.
program trust fund. 1. There is hereby established in the sole custody
of the state comptroller a special fund to be known as the New York
achieving a better life experience (NY ABLE) savings program trust fund.
All payments from such fund shall be made in accordance with article
eighty-four of the mental hygiene law.
2. The fund shall be a trust fund and shall consist of a trust account
and an operating account. The trust account shall include amounts
received by the NY ABLE savings program pursuant to NY ABLE savings
agreements, administrative charges, fees, and all other amounts received
by the program from other sources, and interest and investment income
earned by the trust fund. The comptroller shall, from time to time, make
transfers from the trust account to the operating account for the
immediate payment of obligations under NY ABLE savings agreements,
operating expenses and administrative costs of the NY ABLE savings
program. Administrative costs shall be paid out of the operating account
according to the terms and conditions established pursuant to the
provisions of section 84.05 of the mental hygiene law.
3. (a) The comptroller, as trustee, shall invest the assets of the
trust fund with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in a like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims.
(b) Trust fund assets shall be kept separate and shall not be
commingled with other assets, except as provided herein. The comptroller
may enter into contracts to provide for investment advice and
management, custodial services, and other professional services for the
administration and investment of the program. Administrative fees, costs
and expenses, including investment fees and expenses, shall be paid from
the assets of the fund.
4. The comptroller shall provide for the administration of the trust
fund, including maintaining participant records and accounts, and
providing annual audited reports. The comptroller may enter into
contracts to provide administrative services and reporting.