28-21-1      Definitions.
28-21-2      Determination of eligibility or amount of state or local benefits for ABLE savings program beneficiary.
28-21-3      Information about ABLE savings programs.
28-21-4      ABLE accounts not guaranteed.
28-21-5      Immunity from liability.

28-21-1. Definitions.

Terms used in this chapter 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.

Source: SL 2016, ch 149, § 1.

28-21-2. Determination of eligibility or amount of state or local benefits for ABLE savings program beneficiary.

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.

Source: SL 2016, ch 149, § 2.

28-21-3. Information about ABLE savings programs.

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 chapter.

Source: SL 2016, ch 149, § 3.

28-21-4. ABLE accounts not guaranteed.

Nothing in this chapter 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.

Source: SL 2016, ch 149, § 4.

28-21-5. Immunity from liability.

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 chapter.

Source: SL 2016, ch 149, § 5.