An account owner must be an eligible individual. This rule
establishes the following other requirements for opening an account:
(1) An account owner may be a resident of any
state.
(2) An account owner must be
a U.S. citizen or resident alien.
(3) An account owner must have a valid social
security number or tax identification number.
(4) An account owner must have a valid
permanent U.S. street address.
(5)
No eligible individual may have more than one account in an ABLE plan in
existence at the same time. A prior ABLE account that has been closed does not
prohibit the subsequent creation of another ABLE account for the same account
owner. As part of the enrollment process, the person establishing the account
will be required to certify under penalties of perjury that the eligible
individual for whom the account is being established has no other ABLE account
(except in the case of a rollover from an account that will terminate with the
completion of the rollover).
(6) If
an individual desires to open an account based on benefits eligibility, the
individual must make the following certifications under penalties of perjury
that:
a. The individual is entitled to
benefits based on blindness or disability under Title II or XVI of the Social
Security Act and has received a benefit verification letter from the Social
Security Administration and agrees to retain and provide the letter (or a
genuine copy of the letter or other evidence) to the plan, the plan
administrator, the IRS, or the U.S. Department of the Treasury upon request;
and
b. The individual's disability
meets the qualifications set forth in Section 529A.
(7) If an individual desires to open an
account based on certification eligibility, the individual must certify under
penalties of perjury that the individual:
a.
Has a medically determinable physical or mental impairment which results in
marked or severe functional limitations and which can be expected to result in
death or has lasted or can be expected to last for a continuous period of not
less than 12 months;
b. Is blind
(within the meaning of the Social Security Act); or
c. Has a condition listed in the "List of
Compassionate Allowances Conditions" maintained by the Social Security
Administration.
The individual must also certify that the disability,
blindness, or compassionate allowances condition meets the qualifications set
forth in Section 529A, and that the individual has a copy of the individual's
diagnosis relating to the relevant impairment(s), signed by a physician meeting
the criteria of Social Security Act Section 1861(r)(1). The individual must
also agree to retain and provide a copy of the diagnosis and related
information to the plan upon request.
(8) By maintaining an account, the account
owner is making a continuing certification that the account owner is an
eligible individual. It is the account owner's responsibility to notify the
plan in writing if the account owner ceases to be an eligible individual. It is
also the account owner's responsibility to notify the plan in writing if the
account owner subsequently requalifies as an eligible individual.
Notes
Iowa Code r. 781-20.5
ARC 4464C, IAB
5/22/19, effective 6/26/19; ARC
7040C, IAB 6/28/23, effective 8/2/23
Adopted by
IAB
May 22, 2019/Volume XLI, Number 24, effective
6/26/2019
Amended by
IAB
June 28, 2023/Volume XLV, Number 26, effective
8/2/2023
