Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 722 - ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACCOUNT PROGRAM › Subpart B - DEFINITIONS › Section 722.200 - Definition of Terms

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions shall apply to this Part:
"ABLE" means the federal Achieving a Better Life Experience
				  Act of 2014  (26 U.S.C. 529A, as amended) that creates state-level
				  tax-advantaged savings programs to assist persons with blindness or
				  disability.
"ABLE Account Owner" means the owner of an established ABLE
				  account or the prospective owner of an ABLE account that has yet to be
				  established.
"ABLE Program" or "Program" means the Illinois ABLE Account
				  Program administered by the State Treasurer under Section 16.6 of the
				  Act.
"Act" means the State Treasurer Act, Section 16.6 of which
				  establishes the Illinois ABLE Program.
"Account" means an individual investment account established
				  and maintained in the ABLE Program.
"Account Administrator" means the person or entity
				  selected by the State Treasurer to administer the daily operations of the ABLE
				  account plan and provide marketing, recordkeeping, investment management, and
				  other services for the plan.
[15 ILCS 505/16.6(a)  ]
"Administrative Expenses" means all costs and expenses
				  associated with the implementation and administration of the ABLE Program,
				  including fees payable to third parties providing services related to the
				  plan.
"Administrative Fund" means the Illinois ABLE Accounts
				  Administrative Fund created in Section 5.868 of the State Finance Act  [30 ILCS
				  105  ].
"Aggregate Account Balance" means the amount in an
				  account on a particular date or the fair market value of an account on a
				  particular date.
[15 ILCS 505/16.6(a)  ]
"Applicant" means any person who is in the process of
				  applying to open an account in the plan.
"Beneficiary" or "Designated Beneficiary" means the
				  ABLE account owner.
[15 ILCS 505/16.6(a)  ]
"Designated Representative"
means a person or entity
				  who is authorized to act on behalf of a "designated
				  beneficiary"
.
"Disability Certification" means the certification described
				  in Section 529A of the Code and Section 1.529 A-1(b)(4) of the Treasury
				  Regulation.
"Earnings" means the aggregate total of all dividends and
				  interest income received by the ABLE savings account plan at any time following
				  the plan's commencement. The aggregate total of dividends and interest income
				  shall be reduced by the aggregate total of administrative expenses paid out of
				  the ABLE Program prior to calculating earnings. Earnings shall be determined
				  without regard to realized or unrealized capital gains and losses incurred by
				  the plan.
"Eligible Individual" has the meaning given to that
				  term under Section 529A of the Code.
[15 ILCS 505/16.6(a)  ]
"FDIC" means the Federal Deposit Insurance
				  Corporation.
"Internal Revenue Code" or "Code" means the federal Internal
				  Revenue Code  (26 U.S.C. 1  et seq., as amended).
"Investment Policy" means the written statement prepared and
				  adopted by the Treasurer, that sets forth the policies, objectives, and
				  guidelines that govern the investment of moneys in the ABLE Program.
"IRS" means the Internal Revenue Service.
"Participation Agreement" means an agreement to
				  participate in the ABLE account plan between
a
designated
				  beneficiary and the State, through its agencies and the State
				  Treasurer.
[15 ILCS 505/16.6(a)  ]
"Plan" means the ABLE savings account plan authorized by
				  Section 16.6 of the Act.
"Qualified Disability Expenses" means expenses that are
				  qualified under Section 529A of the Code.
"Qualified Withdrawal" or "Qualified Distribution"
				  means a withdrawal from an ABLE account to pay the qualified disability
				  expenses of the
designated
beneficiary of the
				  account.
[15 ILCS 505/16.6(a)  ]
"Secretary" means the U.S. Secretary of the Treasury.
"SSA" means the Social Security Administration.
"SSI Limit" means the Supplemental Security Income
				  limit.
"Treasurer" means the duly elected Treasurer of the State of
				  Illinois or the Treasurer's designee or designees.
"Treasurer's Website" means
www.illinoistreasurer.gov
, or
				  any successor website.
"Treasury Regulation" means Treasury Regulation 1.529A-0
				  through 1.529A-8, codified at  26 CFR 1.529A-0 through  1.529A-8, as interpreted
				  by Guidance Under Section 529A: Qualified ABLE Programs, 85 Fed. Reg. 74,010
				  (Nov. 19, 2020).