Section 12I.2. Creation of Iowa ABLE savings plan trust.

  An Iowa ABLE savings plan trust is created. The treasurer of state is the trustee of the trust, and has all powers necessary to carry out and effectuate the purposes, objectives, and provisions of this chapter pertaining to the trust, including the power to do all of the following:

  1.  Make and enter into contracts necessary for the administration of the trust created under this chapter.

  2.  Enter into agreements with this state or any other state, or any federal or other state agency, or other entity as required to implement this chapter.

  3.  Carry out the duties and obligations of the trust pursuant to this chapter.

  4.  Accept any grants, gifts, legislative appropriations, and other moneys from the state, any unit of federal, state, or local government, or any other person, firm, partnership, or corporation which the treasurer of state shall deposit into the administrative fund or program fund.

  5.  Participate in any federal, state, or local governmental program for the benefit of the trust.

  6.  Procure insurance against any loss in connection with the property, assets, or activities of the trust.

  7.  Enter into participation agreements with account owners.

  8.  Make payments to designated beneficiaries pursuant to participation agreements.

  9.  Make refunds to account owners upon the termination of participation agreements, and partial nonqualified distributions to account owners, pursuant to this chapter and the limitations and restrictions set forth in this chapter.

  10.  Invest moneys from the program fund in any investments that are determined by the treasurer of state to be appropriate.

  11.  Engage investment advisors, if necessary, to assist in the investment of trust assets.

  12.  Contract for goods and services and engage personnel as necessary, including consultants, actuaries, managers, legal counsel, and auditors for the purpose of rendering professional, managerial, and technical assistance and advice to the treasurer of state regarding trust administration and operation.

  13.  Establish, impose, and collect administrative fees and charges in connection with transactions of the trust, and provide for reasonable service charges, including penalties for cancellations and late payments with respect to participation agreements.

  14.  Administer the funds of the trust.

  15.  Prepare and file reports and notices.

  16.  Enter into agreements with contracting states to permit residents of the contracting state to participate in the Iowa ABLE savings plan trust.

  17.  Adopt rules pursuant to chapter 17A for the administration of this chapter.

2015 Acts, ch 137, §77, 162, 163

Section takes effect July 2, 2015, and applies retroactively to July 1, 2015; 2015 Acts, ch 137, §162, 163

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