Source: http://www.legis.state.wv.us/Bill_Status/bills_text.cfm?billdoc=hb2902%20intr.htm&yr=2015&sesstype=RS&billtype=B&houseorig=H&i=2902
Timestamp: 2017-10-22 08:47:12
Document Index: 638845733

Matched Legal Cases: ['§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16', '§16']

Committee on Banking and Industry then the Judiciary.]
A BILL to amend of the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §16-46-1, §16-46-2, §16-46-3, §16-46-4, §16-46-5, §16-46-6 §16-46-7 and §16-46-8, all relating to creating the ABLE Act which allows savings accounts for individuals with a disability and their families to save private funds to support the individual with a disability.
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §16-46-1, §16-46-2, §16-46-3, §16-46-4, §16-46-5, §16-46-6 §16-46-7 and §16-46-8, all to read as follows:
The purpose of the West Virginia ABLE Act savings program is to authorize the establishment of savings account empowering individuals with a disability and their families to save private funds to support the individual with a disability and to provide guidelines for the maintenance of such accounts.
§16-46-4. Implementation and administration of program; treasurer's responsibilities.
(a) The Treasurer shall implement and administer the program under the terms and conditions established by this act. In order to implement and administer the program, the Treasurer shall :
(5) Charge, impose and collect administrative fees and service charges in connection with any agreement, contract or transaction relating to the program;
(6) Develop marketing plans and promotion material;
(9) Do all things necessary and proper to carry out the purposes of this act;
(10) Propose for legislative approval in accordance with article three, chapter twenty-nine-a of this code rules necessary to effectuate the provisions of this article;
(11) Make an annual evaluation of the ABLE savings program and prepare an annual report of such evaluation to be provided to the Governor and Legislature; and
§16-46-5. Use of financial organizations as program depositories.
(a) The Treasurer may implement the program through use of financial organizations as account depositories and managers. The Treasurer may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations submitting proposals shall describe the investment instruments which will be held in accounts. The Treasurer may select more than one financial organization and investment instrument for the program. The Treasurer shall select as program depositories and managers the financial organization, from among the bidding financial organizations, that demonstrates the most advantageous combination, both to potential program participants and this state, of the following factors:
(a) Any ABLE savings accounts established pursuant to the provisions of this article shall be opened by a designated beneficiary or a conservator or guardian of a designated beneficiary who lacks capacity to enter into a contract and each beneficiary may have only one account. The Treasurer may establish a nonrefundable application fee. An application for such account shall be in the form prescribed by the Treasurer and contain the:
(1) Name, address and social security number of the account owner;
(2) Name, address and social security number of the designated beneficiary, if the account owner is the beneficiary's trustee conservator or guardian;
(4) Additional information as the Treasurer may require.
(c) Contributions to ABLE savings accounts may only be made in cash. The Treasurer or program manager shall reject or promptly withdraw contributions:
(A) Value of the account is equal to or greater than the account maximum established by the Treasurer. Such account maximum must be equal to the account maximum for postsecondary education savings accounts established pursuant to article thirty, chapter eighteen of this code .; or
(e) (1) If there is any distribution from an account to any individual or for the benefit of any individual during a calendar year, such distribution shall be reported to the federal Internal Revenue Service and each account owner, the designated beneficiary or the distributee to the extent required by state or federal law.
(2) Statements shall be provided to each account owner at least four times each year within thirty days after the end of the three-month period to which a statement relates. The statement shall identify the contributions made during the preceding three-month period, the total contributions made to the account through the end of the period, the value of the account at the end of such period, distributions made during such period and any other information that the Treasurer requires to be reported to the account owner.
(3) Statements and information relating to accounts shall be prepared and filed to the extent required by this article and any other state or federal law.
(B) May be claimed by the West Virginia Medicaid plan only after the death of the designated beneficiary subject to limitations imposed by the secretary.
(b) The Treasurer may propose rules for legislative approval in accordance with article three, chapter twenty-nine-a of this code to provide that every contract, application or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the state and that the principal deposited and the investment return are not guaranteed by the state.
Article 46Type information is new; therefore, it has been completely underscored.