N.D. Admin Code 12.5-04-01-01 - Establishment of the plan

Current through Supplement No. 384, April, 2022

1. Statutory authority and plan establishment. North Dakota Century Code section 6-09-38.1 requires the Bank of North Dakota to adopt rules to administer, manage, promote, and market the North Dakota achieving a better life experience plan in accordance with Internal Revenue Service standards for qualified state disability expense programs. The Bank of North Dakota has adopted the rules of this chapter to establish and implement the North Dakota achieving a better life experience plan and to provide for its administration, management, promotion, and marketing.
2. Plan description and purpose. This program shall be known as the North Dakota achieving a better life experience plan or the North Dakota ABLE plan and is also referred to in these rules as the "plan". The plan is established to inform North Dakota citizens of qualified plans under the Achieving a Better Life Experience Act of 2014 creating tax-free savings accounts for individuals with disabilities under Section 529A of the Internal Revenue Service Code of 1986. The plan may establish its own qualified tax-free savings accounts for individuals with disabilities or may provide information to North Dakota citizens to assist them in identifying other qualified ABLE plans for which they may be eligible.

Notes

N.D. Admin Code 12.5-04-01-01
Effective June 20, 2016.

General Authority: NDCC 6-09-38.1

Law Implemented: NDCC 6-09-38.1

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