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:
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.
An Act to facilitate participation by South Dakota residents in an ABLE savings program.
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.
An Act to facilitate participation by South Dakota residents in an ABLE savings program.
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I certify that the attached Act originated in the
HOUSE as Bill No. 1224
____________________________
Chief Clerk ____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
____________________________
Attest:
____________________________
Secretary of the Senate
House Bill No. 1224 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
