NY State Fin L § 99-X (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 99-X - New York Achieving a Better Life Experience (Ny Able) Savings Program Trust Fund.

§  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 in investments authorized by article four-A of the retirement and  social  security law, provided however, that: (i) the provisions of paragraph (a) of subdivision two of section one hundred seventy-seven of the retirement and social security law shall not apply  except  for  the first   clause   of  subparagraph  (ii)  of  such  paragraph;  and  (ii) notwithstanding the provisions  of  subdivision  seven  of  section  one hundred  seventy-seven  of the retirement and social security law or any other law to the contrary, the assets of the trust fund may be  invested in  any  funding  agreement  issued  in  accordance  with  section three thousand two hundred twenty-two of the insurance law by a domestic  life insurance  company or a foreign life insurance company doing business in this state, subject to the following: (1) such a funding  agreement  may provide  for  a  guaranteed  minimum  rate of return; (2) such a funding agreement may be allocated as either a separate  account  or  a  general account  of  the  issuer,  as  the  comptroller  may  decide;  (3) total investments of the trust fund pursuant to this paragraph in any  funding agreements issued by a single life insurance company which are allocated as  a  general account of the issuer shall not, in the aggregate, exceed three hundred fifty million dollars; and (4) no assets of the trust fund shall be invested in any such funding agreement unless, at the  time  of such  investment,  the  general obligations or financial strength of the issuer have received either the highest or second highest rating by  two nationally  recognized  rating  services or by one nationally recognized rating service in the event  that  only  one  such  service  rates  such obligations.  (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.