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State of South Dakota
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NINETY-FIRST SESSION LEGISLATIVE ASSEMBLY, 2016 |
| 579X0609 | HOUSE ENGROSSED NO. HB 1224 - 02/23/2016 |
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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 facilitate participation by South Dakota residents in an
ABLE savings program.
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, 26 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 provide information about ABLE savings programs to residents of this
state. The state investment officer and the employees of the Division of Investment may 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:
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 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 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.
