reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 721.510 - Contributions

Current through Register Vol. 48, No. 28, July 12, 2024
a) During the account revocation period,
				participant contributions will be directed into a capital preservation
				investment selected by the Board. As of the close of business on the business
				day coincident with or next following the expiration of the account revocation
				period, the existing balance in the account will be invested in the default
				investment option selected by the Board unless a participant has provided an
				alternate investment election.
b)
				Participant contributions made subsequent to the end of the account revocation
				period will be directed into the default investment option at the default
				contribution rate selected by the Board, unless a participant has provided an
				alternate investment election.
c)
				Participant contributions will be directed into the default investment option
				selected by the Board at the default contribution rate approved by the Board,
				unless a participant has provided alternate elections.
d) Participants may select any contribution
				rate by notifying the program administrator.
e) The program administrator shall notify
				employers of any changes to their participant employees' contribution rate, and
				the employer shall enter those changes into its payroll system as soon as
				administratively possible, not to exceed 30 days following receipt of the
				notification.
f) Participants may
				direct their contributions to any of the available fund options offered by the
				Program by notifying the program administrator.
g) The program administrator shall develop a
				process for participants to select their investment options and shall notify
				participants on how to make those selections.
h) On each payroll date following enrollment
				into the Program, and in accordance with their participant employees'
				contribution rate, employers shall make the necessary payroll deductions and
				remit the contributions to the program administrator as soon as
				administratively possible, not to exceed seven business days from the date of
				deduction. Notwithstanding the foregoing, amounts deducted by employers shall
				not exceed the amount of the employees' wages remaining after any payroll
				deductions required by law to have a higher precedence than the participant's
				Program deduction.
i) Failure by
				the employer to timely remit a participant employee's deducted wages to the
				program administrator constitutes an unlawful deduction under the Illinois Wage
				Payment and Collection Act [820 ILCS 115/9  ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 721.515 - Automatic-Escalation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Contributions for participants who have
				been enrolled in the program for at least six months will automatically
				increase by 1% of an enrollee's wages at the beginning of each subsequent
				calendar year, up to a maximum of 10% of an enrollee's wages.
b) The program administrator shall notify all
				eligible enrollees in advance of any automatic contribution increase to allow
				for enrollees to opt out of automatic escalation or make alternative changes to
				their contribution rate.
c) The
				program administrator shall notify employers in advance of any automatic
				contribution increase for their eligible participant employees, and the
				employer shall enter the contribution changes into its payroll system as soon
				as administratively possible, not to exceed 30 days following receipt of the
				notification.
d) Participants may
				adjust the rate of their automatic increase, opt in to automatic escalation, or
				opt out of automatic escalation at any time by notifying the program
				administrator.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 721.520 - Participant Statements

Current through Register Vol. 48, No. 28, July 12, 2024
Account statements shall be provided to participants by the
				  program administrator on a quarterly basis. The account statements may be sent
				  by U.S. mail and/or provided electronically in accordance with  26 CFR 1.401(a)-21  or in any other form permitted by the IRS.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 721.530 - Limits on Investment and Direction

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Board may set limits on the number of
				times participants can change the investment options of their contributions or
				adjust their contribution rate in any calendar year.
b) The Board shall select a default
				contribution rate for participants within the range of 3% to 6% of a
				participant's wages.
c) The Board
				shall select a default investment option for the accounts, in accordance with
				Section 721.330.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 721.540 - Rollovers, Transfers and Conversions

Current through Register Vol. 48, No. 28, July 12, 2024
a) At
				the direction of the Board, the program administrator shall develop processes
				through which a participant or beneficiary may roll over or transfer an account
				to a different retirement savings vehicle in accordance with the Internal
				Revenue Code. The Program may receive rollovers and transfers from other
				retirement savings vehicles in accordance with the Internal Revenue
				Code.
b) During a conversion from
				one program administrator to another, the program administrator shall take all
				commercially reasonable steps necessary to effect an orderly transition of the
				relevant portions of its duties and responsibilities in a manner that provides
				for reasonable consideration for the best interests of the participants and
				beneficiaries, avoids the likelihood of an increase in economic loss, and
				avoids the likelihood of resulting liability to the Board, its members, or the
				State. The program administrator shall not impede or delay the orderly transfer
				of its duties and responsibilities.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart F - WITHDRAWALS › Section 721.600 - Withdrawals

Current through Register Vol. 48, No. 28, July 12, 2024
A participant may make a withdrawal of funds from his or her
				  account at any time. Withdrawals shall be subject to any applicable State and
				  federal income tax obligations and may be subject to penalties under the
				  Internal Revenue Code (see
				  26
				  CFR 1.408A-6 ).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart F - WITHDRAWALS › Section 721.610 - Withdrawal Method

Current through Register Vol. 48, No. 28, July 12, 2024
A participant may request a withdrawal of funds from his or
				  her account by submitting a completed withdrawal request to the program
				  administrator. This request may also be accomplished electronically or in any
				  other form permitted by the IRS.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart F - WITHDRAWALS › Section 721.620 - Closure

Current through Register Vol. 48, No. 28, July 12, 2024
A participant may close his or her account at his or her
				  direction, or an account may be closed by a process established by the Board
				  if:
a) all funds from the
				participant's account have been withdrawn pursuant to Section 721.600;
				or
b) all funds from the
				participant's account have been rolled over or transferred pursuant to Section
				721.540.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart G - MISCELLANEOUS › Section 721.700 - Abandoned Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
An account will be presumed abandoned according to the
				  unclaimed property law of the state of the last known address of the
				  participant. If the last known address of the participant is in Illinois, the
				  provisions of the Revised Uniform Unclaimed Property Act [ 765 ILCS 1026 ]
				  shall apply. If there is no last known address of the participant in the
				  Program records, federal common law shall determine the state with the first
				  priority claim.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart G - MISCELLANEOUS › Section 721.710 - Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
The Board may disclose aggregate data that does not include
				  information that is identifiable by participant or employer for purposes of
				  research or reporting associated with the Program. The Board may disclose
				  information that it is required to disclose under the Freedom of Information
				  Act [5 ILCS 140  ]. The Board may disclose account information to the program
				  administrator, the providers of investments for the Program, the Treasurer's
				  Office, Illinois Department of Revenue, Illinois Department of Employment
				  Security, regulatory agencies to the extent disclosure is required by law, and
				  to other persons or entities to the extent the disclosure is necessary to
				  administer the Program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart G - MISCELLANEOUS › Section 721.720 - Website

Current through Register Vol. 48, No. 28, July 12, 2024
Information regarding the Program is available on the
				  Treasurer's website at
www.illinoistreasurer.gov
or the
				  Program's website at
www.ilsecurechoice.com
.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart A - INTRODUCTION AND PURPOSE OF PROGRAM › Section 722.100 - Establishment of Program

Current through Register Vol. 48, No. 28, July 12, 2024
This Part governs the Achieving a Better Life Experience
				  (ABLE) Account Program created by Section 16.6 of the State Treasurer Act [ 15
				  ILCS 505 ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart A - INTRODUCTION AND PURPOSE OF PROGRAM › Section 722.110 - Purpose of Program

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The purpose of the ABLE Program is to encourage and assist individuals and
				families in saving private funds to support individuals with blindness or
				disabilities in order to maintain health, independence and quality of life, and
				to provide secure funding for disability-related expenses that will supplement,
				but not supplant, benefits provided through private insurance and federal and
				state medical and disability insurance.
b) The ABLE Program is established pursuant
				to the federal ABLE Act of 2014 (
				26 USC
				529A ), which amended the Internal Revenue
				Code of 1986 to allow states to establish tax-exempt savings accounts for
				individuals with blindness or disabilities if those savings are used to cover
				qualified disability expenses.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart A - INTRODUCTION AND PURPOSE OF PROGRAM › Section 722.120 - Interstate Agreement or Compact

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer may enter into an interstate agreement for
				  joint ABLE-related services, in order to achieve better programming and higher
				  economies of scale in investment options.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.300 - Responsibilities of the Treasurer

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer is the State administrator and program manager
				  of the ABLE Program. The Treasurer's duties include, but are not limited to:
				  the appointment of an account administrator and other tasks necessary to
				  administer the Program. The Treasurer will contract with one or more third
				  parties to carry out administrative duties, including: accepting and processing
				  applications, maintaining accounting records, and making payments. The
				  Treasurer is also responsible for establishing fees to be imposed on
				  participants to cover the expenses of administration, recordkeeping and
				  investment management.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.310 - Investment Policy and Guidelines

Current through Register Vol. 48, No. 28, July 12, 2024
a) The investment policy is a written
				statement prepared by the Treasurer describing the risk management and
				oversight program.
b) The
				investment policy will be designed to:
1)
				ensure that an effective risk management system is in place to monitor the risk
				levels of the ABLE Program;
2)
				ensure that the risks taken are prudent and properly managed;
3) provide an integrated process for overall
				risk management;
4) assess
				investment returns; and
5) assess
				risks to determine if the risks taken are adequately compensated compared to
				applicable performance benchmarks and standards.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.320 - Account Administration/Administrator

Current through Register Vol. 48, No. 28, July 12, 2024
The account administrator is responsible for the day-to-day
				  oversight and management of the ABLE Program, including coordinating with any
				  third party investment managers or recordkeepers to ensure the safekeeping of
				  the Program accounts.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.330 - Recordkeeping and Recordkeeping Responsibilities

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer will contract with an account administrator to
				  manage recordkeeping for the ABLE Program. The account administrator shall
				  provide all services needed for the effective operation of the Program in
				  accordance with all applicable federal and State laws and regulations. These
				  services shall include, but are not limited to:
a) developing forms and any operating
				documents;
b) processing
				enrollments and obtaining completed forms and follow-up
				documentation;
c) maintaining
				designated beneficiary accounts as outlined in ABLE;
d) receiving contributions;
e) blocking receipt of excess
				contributions;
f) disbursing
				funds;
g) providing designated
				beneficiaries with account information, transaction confirmations and account
				statements;
h) complying with
				applicable SSA, banking, tax and security law requirements;
i) filing required reports and forms with
				federal agencies; and
j) providing
				fraud prevention.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.340 - Enrollment and Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
				applicant may apply, on forms prescribed by the Treasurer, to open an ABLE
				account. A designated beneficiary may have only one account. The Treasurer may
				impose a nonrefundable application fee. The application fee shall not exceed
				$100.
b) The Treasurer may charge
				the designated beneficiary an annual administrative fee, not to exceed $20.
				This fee may be charged to defray certain expenses (e.g., marketing, auditing
				and program oversight) incurred by the Treasurer in administering the ABLE
				Program.
c) For the Program's
				investment options, the investment manager shall charge fees and expenses,
				which shall be reflected in the returns received from each investment option.
				The account administrator shall also charge fees and expenses for maintaining
				and administering the Program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.350 - ABLE Administrative Fund

Current through Register Vol. 48, No. 28, July 12, 2024
The Illinois ABLE Accounts Administrative Fund is
				  created as a non-appropriated trust fund in the State treasury. The State
				  Treasurer shall use moneys in the Administrative Fund to cover administrative
				  expenses incurred,
as provided for in Section 530
. The
				  Administrative Fund may receive any grants or other moneys designated for
				  administrative purposes from the State, or any unit of federal, state, or local
				  government, or any other person, firm, partnership, or corporation. Any
				  interest earnings that are attributable to moneys in the Administrative Fund
				  must be deposited into the Administrative Fund. Any fees established by the
				  State Treasurer to cover the costs of administration, recordkeeping, and
				  investment management shall be deposited into the Administrative Fund.
[15 ILCS
				  505/16.6(g)]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.360 - Marketing and Promotion

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer is responsible for the marketing and promotion
				  of the Program and may hire a third party contractor to assist with these
				  efforts.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart C - ADMINISTRATION › Section 722.380 - Forms

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer may use forms provided or promulgated by the
				  SSA, the IRS, or other federal agencies pursuant to ABLE. The Treasurer may
				  also promulgate its own forms reasonably necessary to implement the ABLE
				  Program and comply with statute, rules and regulations. The account
				  administrator is responsible for ensuring forms required by statute, rule or
				  regulation are completed.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart D - PARTICIPATION AND ENROLLMENT IN THE PROGRAM › Section 722.400 - Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
An individual is an eligible individual for a taxable year
				  if, during that taxable year, the individual meets the requirements under
				  Section 529A(e)(1) of the Code.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart D - PARTICIPATION AND ENROLLMENT IN THE PROGRAM › Section 722.410 - Authority to Establish and Manage an ABLE Account

Current through Register Vol. 48, No. 28, July 12, 2024
a)  An eligible individual may establish an ABLE account on
				  their own behalf as a designated beneficiary, or a person or entity recognized
				  as a designated representative under this Section may establish an ABLE account
				  for a designated beneficiary who is also an eligible individual.
b)
A designated beneficiary is authorized to act on
				  his or her own behalf unless the designated beneficiary is a minor or the
				  designated beneficiary has been adjudicated to have a disability so that a
				  guardian has been appointed.
c)  A designated beneficiary who is authorized to act on their
				  own behalf under subsection (b) may select any person or entity, not otherwise
				  prohibited from acting as a fiduciary, to act as a designated
				  representative.
d)  If a designated beneficiary is not authorized under
				  subsection (b) to act on their own behalf, the Treasurer shall recognize a
				  person or entity listed in subsection (e) as a designated representative, in
				  accordance with Section 1.529 A-2(c)(1)(i)(C) of the Treasury Regulation.
e)  The Treasurer will recognize the following as a designated
				  representative without appointment by a court in the following order:
1)  The agent named by the designated beneficiary in a
				  property power of attorney in accordance with the Illinois Power of Attorney
				  Act  [755 ILCS 45  ] or the law of the state of residence of the designated
				  beneficiary.
2)  The designated beneficiary's guardian of the person,
				  plenary guardian of the estate, limited guardian of financial or contractual
				  matters, or any other State-appointed guardian, including the Office of the
				  State Guardian. A guardian acting in this capacity shall not be required to
				  seek court approval for any ABLE account activity.
3)  A spouse, parent, sibling, or grandparent, in that order,
				  of the designated beneficiary.
4)  A representative payee appointed for the designated
				  beneficiary by the SSA.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart D - PARTICIPATION AND ENROLLMENT IN THE PROGRAM › Section 722.420 - Enrollment Application

Current through Register Vol. 48, No. 28, July 12, 2024
a)  The Treasurer will require an applicant to submit an
				  application, including the following information:
1)  The name, address, social security number or individual
				  taxpayer identification number, and birth date of the designated
				  beneficiary;
2)  The name, address, and social security number or
				  individual taxpayer identification number of the designated representative, if
				  the designated beneficiary is not the applicant;
3)  Certification, under penalties of perjury, regarding the
				  following subjects:
A)  that all of the information provided on the form is
				  accurate and complete;
B)  that the designated beneficiary qualifies as an eligible
				  individual under Section 529A(e) of the Code in accordance with Section
				  1.529 A-2(d) - (e) of the Treasury Regulation;
C)  that the applicant will promptly notify the ABLE Program
				  if the designated beneficiary no longer qualifies as an eligible
				  individual;
D)  that, to the best of the applicant's knowledge, no other
				  ABLE program account exists for the benefit of the designated beneficiary,
				  except in the case of a rollover from an account in another ABLE program;
				  and
E)  If the applicant is seeking to open the account as a
				  designated representative, the applicant shall provide a certification as to
				  the basis for the applicant's authority to act as the designated representative
				  and that there is no other person or entity with a higher authority to
				  establish the ABLE account under Section 529A of the Code and Section
				  1.529A-2(c)(1)(i) of the Treasury Regulation. The certification must be in
				  accordance with Section 1.529A-2(c)(1)(ii) of the Treasury Regulation.
4)  Any additional certification, information, or
				  documentation that may be beneficial to the administration of the program, or
				  that is needed to clarify the application when the information submitted in the
				  application is unclear or insufficient, or when further information is required
				  by the Code or Treasury Regulations.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart D - PARTICIPATION AND ENROLLMENT IN THE PROGRAM › Section 722.430 - Signature Authority

Current through Register Vol. 48, No. 28, July 12, 2024
a)  Account Signature Authority
1)  The designated beneficiary has signature authority over
				  their account.
2)  Except as recognized in subsection (b), if a person or
				  entity other than the designated beneficiary is recognized as the designated
				  representative pursuant to Section 722.410, that person or entity has signature
				  authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.500 - ABLE Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
ABLE accounts are investment savings accounts into which the
				  designated beneficiary deposits funds that, in turn, are invested in
				  marketplace-based investment options such as FDIC insured interest bearing
				  accounts. Earnings on the investments are tax-free as long as withdrawals are
				  used to pay qualified disability expenses. A separate account will be
				  established for each designated beneficiary, and no more than one account will
				  be established per beneficiary.
If an ABLE account is established for a
				  designated beneficiary, no account subsequently established for that
				  beneficiary shall be treated as an ABLE account. The preceding sentence shall
				  not apply in the case of an ABLE account established for purposes of a rollover
				  as permitted under sections 529 and 529A of the Internal Revenue Code
.
				  [15 ILCS
				  505/16.6(d)]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.510 - Allocation of Investment Earnings or Losses

Current through Register Vol. 48, No. 28, July 12, 2024
Investment earnings in excess of the administrative expenses
				  of the ABLE Program and all monies collected by the ABLE Program as penalties
				  as a result of withdrawals that are not used to pay qualified disability
				  expenses, after the payment of expenses:
a) will be credited or paid monthly to
				participants in the ABLE Program in a manner that reflects:
1) the differing amounts of their respective
				investments in the ABLE Program; and
2) the differing periods of time for which
				those amounts were in the custody of the ABLE Program; and
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.520 - Limits on Investment and Directions

Current through Register Vol. 48, No. 28, July 12, 2024
a)  A designated beneficiary under the ABLE Program shall, no
				  more than two times in any calendar year, direct the investment of any
				  contributions to the Program, along with any earnings on those
				  investments.
b)  To the extent allowed under Section 529A of the Code and
				  the Treasury Regulation, the Treasurer may, from time to time, establish a
				  default investment allocation for accounts under the Program.
c)
The assets of ABLE accounts and their income may
				  not be used as security for a loan. All assets of the plan, including any
				  contributions to accounts, are held in trust for the exclusive benefit of the
				  designated beneficiary and shall be considered spendthrift accounts exempt from
				  all of the
designated beneficiary's
creditors.
[15
				  ILCS 505/16.6(m)  ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.530 - Administrative Expenses

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The administrative expenses of the ABLE Program may be paid from the
				Administrative Fund.
b)
				Administrative expenses may be paid from fees established pursuant to Section
				340. The fees may be deducted from the principal and earnings of each account.
				Administrative expenses will be allocated among the ABLE Program's underlying
				investment portfolios to cover the costs of administration, recordkeeping, and
				investment management, and payments to third parties. These administrative
				fees, costs, and expenses may be imposed on accounts.
c)
Subject to appropriation, the
				State Treasurer may pay administrative costs associated with the creation and
				management of the plan until sufficient assets are available in the
				Administrative Fund for that purpose.
[15
				ILCS 505/16.6(g)]
d) The Treasurer may permit a third party
				service provider to provide compensation to participating financial
				institutions or other financial services providers that promote the ABLE
				Program to their customers
.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.540 - Participant Statements

Current through Register Vol. 48, No. 28, July 12, 2024
Account statements shall be provided to designated
				  beneficiaries and designated representatives. The account statements may be
				  sent via U.S. mail and/or provided electronically via website access or e-mail,
				  as selected by the designated beneficiary or designated representative. Account
				  statements may also be provided to other individuals authorized to receive that
				  information under the Electronic Signatures in Global and National Commerce Act
				  (15 USC 96 et seq.) and the Truth in Lending Act (15 USC
				  1601 et seq.).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.550 - Conversions and Rollovers

Current through Register Vol. 48, No. 28, July 12, 2024
a)  At the direction of the Treasurer, the account
				  administrator shall develop processes through which a designated beneficiary
				  may roll over an account from the Illinois ABLE Program to a different state's
				  ABLE program, for either the same designated beneficiary or an allowable new
				  eligible individual. The Illinois ABLE Program may receive rollovers from other
				  states' ABLE programs. Rollover processes shall conform to the requirements set
				  forth in the Treasury Regulation.
b)  The Treasurer will require that during a conversion, the
				  account administrator shall take all commercially reasonable steps necessary to
				  effect an orderly transition of the relevant portions of its duties and
				  responsibilities in a manner that provides for reasonable consideration for the
				  best interests of the designated beneficiaries, avoids the likelihood of an
				  increase in economic loss, and avoids the likelihood of resulting liability to
				  the Treasurer. The Treasurer will further require that the account
				  administrator shall use commercially reasonable efforts to ensure that the
				  account administrator and its agent do not impede or delay the orderly transfer
				  of its duties and responsibilities.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.560 - Contributions

Current through Register Vol. 48, No. 28, July 12, 2024
a)  Any person or entity may make contributions to an ABLE
				  account after the account is opened, in accordance with and subject to, the
				  limitations imposed by section 529A(b)(2) of the Code and Section 1.529 A-2(g)
				  of the Treasury Regulation.
b)  Annual contributions are limited to the amount excluded
				  from the federal gift tax under federal law  (26 U.S.C. 2503(b)).
c)  The ABLE Program will not accept contributions that exceed
				  the annual contribution limit under Section 529A(b)(2)(B) of the Code except
				  for compensation contributions under Section 529A(b)(2)(B)(ii) of the
				  Code.
d)  A designated beneficiary who is an employee as described
				  under Section 529A(b)(7) of the Code may make additional compensation
				  contributions as described in Section 529A(b)(2)(B)(ii) and Section
				  1.529A-2(g)(2)(ii) of the Treasury Regulation. The employed designated
				  beneficiary or, if the employed designated beneficiary has a designated
				  representative, the designated representative is solely responsible for
				  ensuring that any compensation contribution made by the designated beneficiary
				  meets the requirements of Section 529A(b)(2)(B)(ii) of the Code and Section
				  1.529A-2(g)(2)(ii) of the Treasury Regulation and for requesting the return of
				  any excess compensation contributions.
e)  An employed designated beneficiary seeking to make
				  contributions under Section 529A(b)(2)(B)(ii) of the Code or the beneficiary's
				  designated representative shall certify under penalties of perjury in
				  accordance with Section 1.529A-2(g)(v)(B) of the Treasury Regulation
				  that:
1)  the designated beneficiary is an employed designated
				  beneficiary; and
2)  the designated beneficiary's contributions of compensation
				  are not excess compensation contributions.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 722.570 - Aggregate Account Balance Limits

Current through Register Vol. 48, No. 28, July 12, 2024
The ABLE Program shall provide safeguards to prevent
				  aggregate contributions on behalf of a designated beneficiary in excess of the
				  limit under 23 Ill. Adm. Code 2500.90 pursuant to Section 529(b)(6) of the
				  Code. As permitted under Section 1.529 A-2(g)(3)(ii) of the Treasury Regulation,
				  the ABLE Program will comply with this requirement by refusing to accept any
				  additional contributions to an ABLE account, except as otherwise permitted by
				  Section 1.529A-2 of the Treasury Regulation, while the aggregate account
				  balance in that account equals or exceeds the limit established by the State
				  under 23 Ill. Adm. Code 2500.90 pursuant to Section 529(b)(6) of the Code. Once
				  the aggregate account balance falls below that limit, additional contributions
				  may again be accepted, subject to the annual contribution limit described in
				  Section 722.560 of this Part. For purposes of this Section, aggregate
				  contributions include contributions under any prior qualified ABLE program of
				  any state or agency or instrumentality of either.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart F - WITHDRAWALS OR DISTRIBUTIONS › Section 722.600 - Qualified Withdrawals/Distributions

Current through Register Vol. 48, No. 28, July 12, 2024
A qualified withdrawal/distribution is a withdrawal or a
				  distribution from an ABLE account to pay the qualified disability expenses of
				  the designated beneficiary of the account.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart F - WITHDRAWALS OR DISTRIBUTIONS › Section 722.610 - Qualified Disability Expense

Current through Register Vol. 48, No. 28, July 12, 2024
Under section 529A(e)(5) of the Code, qualified disabilities
				  expenses are expenses related to the eligible individual's blindness or
				  disability that are made for the benefit of an eligible individual who is the
				  designated beneficiary, including, but not limited to, the following
				  expenses:
a) education;
b) housing;
c) transportation;
d) employment training and support;
e) assistive technology and personal support
				services;
f) health, prevention and
				wellness;
g) financial management
				and administrative services;
h)
				legal fees;
i) expenses for
				oversight and monitoring;
j)
				funeral and burial expenses; and
k)
				other expenses approved by the Secretary under federal regulations and/or
				guidance.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart F - WITHDRAWALS OR DISTRIBUTIONS › Section 722.630 - Federal Reporting Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
The Program will comply with all reporting responsibilities
				  as outlined in Section 529A of the Code and the Treasury Regulation. The
				  Treasurer will compile or cause to be compiled the needed information to
				  complete any reports.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart G - MISCELLANEOUS › Section 722.700 - Death of a Designated Beneficiary

Current through Register Vol. 48, No. 28, July 12, 2024
Upon the death of the designated beneficiary,
				  proceeds from an account may be transferred to the estate of a designated
				  beneficiary, or to an account for another eligible individual specified by the
				  designated beneficiary or the estate of the designated beneficiary, or
				  transferred pursuant to a payable on death account agreement. A payable on
				  death account agreement may be executed by the designated beneficiary or a
				  designated representative who has been granted such power. Upon the death of a
				  designated beneficiary, prior to distribution of the balance to the estate,
				  account for another eligible individual, or transfer pursuant to a payable on
				  death account agreement, the State Treasurer may require verification that the
				  funeral and burial expenses of the designated beneficiary have been paid. An
				  agency or instrumentality of the State may not seek payment under section
				  529A(f) of the Code from the account or its proceeds for benefits provided to a
				  designated beneficiary
.  [15 ILCS 505/16.6(o)  ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart G - MISCELLANEOUS › Section 722.710 - Missing Persons/Abandonment

Current through Register Vol. 48, No. 28, July 12, 2024
An ABLE account will be presumed abandoned according to the
				  unclaimed property law of the state of the last known address of the designated
				  beneficiary. If the last known address of the designated beneficiary is in
				  Illinois, the provisions of the Revised Uniform Unclaimed Property Act [765
				  ILCS 1026] shall apply. If there is no last known address of the designated
				  beneficiary in the records of the Treasurer, pursuant to federal common law the
				  provisions of the Revised Uniform Unclaimed Property Act shall
				  apply.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart G - MISCELLANEOUS › Section 722.720 - Nonassignability

Current through Register Vol. 48, No. 28, July 12, 2024
The contract entered into between the Treasurer and a
				  designated beneficiary under the Program, and the benefits, proceeds or
				  payments under the Program cannot be sold, assigned, pledged, commuted,
				  transferred or otherwise conveyed by a vendor, State agency or designated
				  beneficiary. Any attempt to assign or transfer shall not be recognized and
				  shall impose no liability upon the Treasurer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart G - MISCELLANEOUS › Section 722.740 - Excess Contributions

Current through Register Vol. 48, No. 28, July 12, 2024
a)  If any contribution or any portion of a contribution is
				  deposited into or allocated to an account in excess of the limits under Section
				  560(b) or Section 570, or the Program is made aware that it received an excess
				  compensation contribution under Section 560(d), the Program must return the
				  amount of the excess contribution to the person or persons that made the
				  contribution along with all net income attributable to such excess, in
				  accordance with and as required by Section 1.529 A-2(g)(4) of the Treasury
				  Regulation. In accordance with Section 1.529A-6(a)(2) of the Treasury
				  Regulation, the Program must also furnish the required federal tax information
				  to the designated beneficiary of the ABLE account and to each contributor who
				  received a returned contribution in accordance with Section 1.429 A-2(g)(4) of
				  the Treasury Regulation. Tax consequences of any excess contribution are the
				  responsibility of the person who made the excess contribution.
b)  If a contribution or portion of a contribution in excess
				  of the limits under Section 722.560 or 722.570 is returned to a contributor
				  other than the designated beneficiary, the ABLE Program must notify the
				  designated beneficiary or the designated representative of such return at the
				  time of the return. No notification is required if the amounts are rejected by
				  the Program before they are deposited or allocated into the designated
				  beneficiary's account.
c)  If the Program directs the account administrator to carry
				  out the Program's obligations under this Section, the account administrator
				  will carry out these obligations as required by Sections 1.529A-2(g)(4) and
				  1.529A-6(a), (b) of the Treasury Regulation.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart G - MISCELLANEOUS › Section 722.750 - Change of Designated Beneficiary

Current through Register Vol. 48, No. 28, July 12, 2024
A change in the designated beneficiary during the lifetime of
				  the designated beneficiary shall be permitted to the extent allowed by Section
				  529A of the Code and the Treasury Regulation.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart H - AMENDMENT OF RULES › Section 722.800 - Amendment of Rules

Current through Register Vol. 48, No. 28, July 12, 2024
Notice of any proposed substantive amendment to this Part
				  shall be provided to all designated beneficiaries and designated
				  representatives prior to adoption. Notice may be provided by e-mail or U.S.
				  mail. The notice need not include a full copy of the proposed amendments.
Amendments to this
Part
automatically amend the
				  participation agreement. Any amendments to the operating procedures and
				  policies of the plan shall automatically amend the participation agreement
				  after adoption by the Treasurer.
[15
				  ILCS 505/16.6(l)]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 725 - CAPITAL CRIMES LITIGATION TRUST FUND › Section 725.5 - Grant Application

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
			 each State fiscal year, the Cook County State's Attorney and the Cook County
			 Public Defender shall each make a separate application to the State Treasurer
			 for a grant from the Capital Litigation Trust Fund. The form shall be created
			 and provided by the State Treasurer's office.
b) The State Treasurer, based on the grant
			 application, shall make grants to the Cook County Treasurer from the Capital
			 Litigation Trust Fund. Grants shall be made as soon as possible after the
			 beginning of the State fiscal year.
c) The amount of each grant shall be equal to
			 the amount that has been appropriated to the State Treasurer from the General
			 Assembly for the Capital Litigation Trust Fund for grants to be made by the
			 State Treasurer to the Cook County Treasurer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 725 - CAPITAL CRIMES LITIGATION TRUST FUND › Section 725.10 - Report Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The Cook County Treasurer, as the grant recipient, shall report on a monthly
			 basis the following to the State Treasurer:
1)
			 how much of each grant has been expended;
2) how much of each grant is remaining;
			 and
3) the purpose for which any
			 grant money has been used.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 725 - CAPITAL CRIMES LITIGATION TRUST FUND › Section 725.20 - Record Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The Cook County Treasurer shall maintain, for a minimum of five years after an
			 expenditure is made, adequate books, records, and supporting documents to
			 verify the following:
1) the amount of funds
			 received;
2) the recipients of the
			 funds; and
3) the purpose of all
			 disbursements of funds in conjunction with the application.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 730 - RULES OF PRACTICE IN ADMINISTRATIVE HEARINGS › Section 730.120 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, unless the context otherwise
				requires:
"Administrative Hearing" or "Hearing" means the adjudicatory
				proceeding used to resolve a contested case.
"Complainant" means the Party who initiates the Administrative
				Hearing.
"Contested Case" has the meaning ascribed in Section 1-30 of
				the IAPA.
"Hearing Officer" means the Administrative Law Judge as defined
				in Section 1-15 of the IAPA, and is the person appointed or retained by the
				Treasurer to preside over the Administrative Hearing proceedings.
"IAPA" means the Illinois Administrative Procedure Act [ 5 ILCS
				100 ].
"Notice of Hearing" means a notice of an Administrative
				Hearing.
"Order" has the meaning ascribed in Section 1-50 of the
				IAPA.
"Party" has the meaning ascribed in Section 1-55 of the
				IAPA.
"Person" has the meaning ascribed in Section 1-60 of the
				IAPA.
"Petition for Hearing" means a request for an Administrative
				Hearing.
"Proof of Service" means evidence submitted specifying the
				date, method and person who served a document on another Party. All proofs of
				service must be signed by the server.
"Respondent" means any Party who answers/responds to a Notice
				of Charges, Petition for Hearing, or Motion.
"Treasurer" or "State Treasurer" means the duly elected
				Treasurer of the State of Illinois.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 730 - RULES OF PRACTICE IN ADMINISTRATIVE HEARINGS › Section 730.130 - Modification of Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The Hearing Officer may modify the procedures promulgated in this Part under
			 the following circumstances:
1) The Parties
			 agree by written stipulation;
2)
			 Upon motion by a Party who cannot obtain agreement from other Parties;
			 or
3) Upon the Hearing Officer's
			 own motion when he or she finds that compliance with the rule is unreasonable
			 or unnecessarily burdensome in a particular instance.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 730 - RULES OF PRACTICE IN ADMINISTRATIVE HEARINGS › Section 730.140 - Initiating an Administrative Hearing

Current through Register Vol. 48, No. 28, July 12, 2024
a) An Administrative Hearing is initiated by
			 a Party serving a Petition for Hearing on the Treasurer, or by the Treasurer
			 serving a Notice of Hearing on a Party. In either case, the service must be
			 made within the required period of time specifically set forth in the
			 Act.
b) The Petition for
			 Hearing/Notice of Hearing must be in writing and signed by the
			 Complainant.
c) The Petition for
			 Hearing must contain the following information:
1) The name of the Parties
			 involved;
2) The subject matter of
			 the Administrative Hearing;
3) The
			 date; and
4) A list of the
			 Treasurer's findings and/or decisions that are being challenged, and the
			 specific reasons why the Complainant asserts that the Treasurer's findings
			 and/or decisions are incorrect.