California Code of Regulations › Title 10 - Investment › Chapter 14 - California Achieving a Better Life Experience (Able) Act Board › Article 1 - California Achieving a Better Life Experience (Able) Program Trust › Section 9001 - Additional Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following definitions shall also apply wherever the terms
				  are used throughout this Chapter:
(a)
				"ABLE Plan" or "Plan" means the qualified ABLE program established and
				maintained by the State of California, in accordance with Internal Revenue Code
				section 529 A.
(b) "Account Owner" means the Eligible
				Individual for whom the Account is established. The Account Owner is the
				Designated Beneficiary.
(c)
				"Authorized Legal Representative" means a person who may act on behalf of the
				Account Owner with respect to the account if the Account Owner (1) is unable to
				exercise signature authority over his or her account, or (2) chooses not to
				exercise signature authority over his or her account. The Authorized Legal
				Representative may be a parent or legal guardian of the Account Owner or may be
				a person granted a valid durable power of attorney to manage banking and
				investment matters on behalf of the Account Owner and to take all necessary
				actions on behalf of the Account Owner with respect to the account.
(d) "Cash" includes checks, money orders,
				funds transferred through rollover distributions, payroll deduction plans,
				automatic contribution plans, and electronic fund transfers.
(e) "Contribution" means cash deposited into
				an account.
(f) "Distribution"
				means any disbursement from an account.
(g) "Earnings" means the total account
				balance on a particular date minus the contributions to the account as of that
				date.
(h) "IRC" means the Internal
				Revenue Code.
(i) "Nonqualified
				Distribution" means a disbursement that is not used for Qualified Disability
				Expenses or is not a rollover to another qualified ABLE program or
				account.
(j) "Program
				Administrator" means the California ABLE Act Board.
(k) "Secretary" means the Secretary of the
				United States Treasury.
(l) "SSA"
				means the Social Security Administration.
1. New section
				  filed 2-21-2017 as a deemed emergency pursuant to Welfare and Institutions Code
				  section
				  4882(b);
				  operative 2-21-2017 (Register 2017, No. 8). A Certificate of Compliance must be
				  transmitted to OAL by 8-21-2017 or emergency language will be repealed by
				  operation of law on the following day.
2. New section refiled
				  8-21-2017 as a deemed emergency pursuant to Welfare and Institutions Code
				  section
				  4882(b);
				  operative 8-21-2017 (Register 2017, No. 34). A Certificate of Compliance must
				  be transmitted to OAL by 11-20-2017 or emergency language will be repealed by
				  operation of law on the following day.
3. Certificate of Compliance
				  as to 8-21-2017 order transmitted to OAL 8-24-2017 and filed 10-5-2017
				  (Register 2017, No. 40).
Note: Authority cited: Section
					 4882,
					 Welfare and Institutions Code. Reference: Sections
					 4875
					 and
					 4877,
					 Welfare and Institutions Code; and Section
					 529 A, Internal Revenue
					 Code.