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State of South Dakota
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NINETY-FIRST SESSION LEGISLATIVE ASSEMBLY, 2016 |
| 579X0609 | HOUSE BILL NO. 1224 |
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Introduced by: Representatives Partridge, Anderson, Bolin, Cronin, Dryden, Gibson,
Harrison, Holmes, Jensen (Alex), May, Mickelson, Rasmussen, Romkema,
Rozum, Schoenbeck, Schoenfish, Soli, Stalzer, Tulson, Wiik, Wollmann, and
Zikmund and Senators Solano, Cammack, Greenfield (Brock), Haverly,
Heineman (Phyllis), Monroe, Peters, Soholt, Sutton, Tieszen, and White
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FOR AN ACT ENTITLED, An Act to authorize the Investment Council to enter into an
agreement to allow South Dakota residents to participate in an ABLE savings program to
support individuals with disabilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That the code be amended by adding a NEW SECTION to read:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That the code be amended by adding a NEW SECTION to read:
Terms used in this Act mean:
(1) "ABLE savings program," a qualified savings program established under section
529A of the Internal Revenue Code, 26 U.S.C. 529A;
(2) "Council," the South Dakota Investment Council.
Section 2. That the code be amended by adding a NEW SECTION to read:
Section 2. That the code be amended by adding a NEW SECTION to read:
When determining the eligibility or amount of benefits to be received by a designated
beneficiary of an ABLE savings program, a state or local agency may not consider a
contribution to an account in a qualified ABLE savings program, earnings on the contribution,
or a distribution from the account for qualified disability expenses as defined in section
529A(e)(5) of the Internal Revenue Code, U.S.C. 529A(e)(5), as of January 1, 2016.
Section 3. That the code be amended by adding a NEW SECTION to read:
The council may enter into an agreement with one or more other states to allow residents
of this state to participate in a qualified ABLE saving program under such terms and conditions
as the council determines. The state investment officer and the employees of the Division of
Investment shall assist the council in carrying out its duties under this Act.
Section 4. That the code be amended by adding a NEW SECTION to read:
Section 4. That the code be amended by adding a NEW SECTION to read:
The council may terminate any agreement with another state or enter into an agreement with
other states at any time for good cause.
Section 5. That the code be amended by adding a NEW SECTION to read:
Section 5. That the code be amended by adding a NEW SECTION to read:
The Department of Human Services and any other state agency may exchange data with any
state the council has entered into an agreement with to carry out the purposes of this Act.
Section 6. That the code be amended by adding a NEW SECTION to read:
Section 6. That the code be amended by adding a NEW SECTION to read:
Nothing in this Act creates any obligation of the council, the state, state investment officer,
the Division of Investment, or any agency or instrumentality of the state to guarantee for the
benefit of any account owner or designated beneficiary with respect to the return of principal,
rate of interest or other return on any account, or payment of interest or other return on any
account.
Section 7. That the code be amended by adding a NEW SECTION to read:
Section 7. That the code be amended by adding a NEW SECTION to read:
The council, each council member, the state investment officer, and each employee of the
Division of Investment personally is immune from any and all liability for actions taken in good faith in the discharge of the council's responsibilities under this Act.
Division of Investment personally is immune from any and all liability for actions taken in good faith in the discharge of the council's responsibilities under this Act.
