(a) (1) (i) The State Treasurer may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Maryland ABLE Program. (ii) The State Treasurer shall consider proposals that meet the following criteria: 1. Ability to develop and administer an investment program of a nature similar to the objectives of the Maryland ABLE Program; 2. Ability to administer financial programs with individual account records and reporting; and 3. Ability to market the Maryland ABLE Program to eligible individuals. (2) (i) 1. Subject to subsubparagraph 2 of this subparagraph, the State Treasurer shall develop written informational materials about the Maryland ABLE Program. 2. The written materials developed under this subparagraph shall be in a form that enables the materials to be distributed electronically or by hand. (ii) The State Treasurer shall provide the materials developed under subparagraph (i) of this paragraph to the State Board and county boards for distribution to parents during individualized education program, individualized family service plan, and 504 plan meetings in accordance with §§ 8-405(b)(2) and 8- 405.1 of this article. (b) (1) The State Treasurer may require an initial enrollment fee to be used for administrative costs of the Maryland ABLE Program. (2) The State Treasurer may require additional reasonable fees associated with the expenses of the Maryland ABLE Program. (c) (1) The Maryland ABLE Program is subject to the provisions of § 529A of the Internal Revenue Code. (2) The Maryland ABLE Program shall include provisions for automatic contributions. (3) Money and assets in the accounts established under the Maryland ABLE Program or an ABLE program in any other state may not be considered for the purpose of determining eligibility to receive, or the amount of, any assistance or benefits from local or State means-tested programs. (4) Money and assets contributed in each calendar year to the account of each ABLE account holder may not exceed the amount specified in § 529A(b)(2) of the Internal Revenue Code for each calendar year in which the taxable year begins. (5) Contributions to the account of each ABLE account holder may not exceed the maximum amount determined by the State Treasurer to be in accordance with § 529A(b)(6) of the Internal Revenue Code. (d) The Maryland ABLE Program may receive money from: (1) Appropriations in the State budget; (2) Reasonable fees assessed to beneficiaries; (3) Grants or other assistance from federal, State, or local government; and (4) Any other money from any public or private source. (e) (1) The Maryland ABLE Program: (i) May be established as one or more separate plans as determined by the State Treasurer; (ii) Shall be established in the form determined by the State Treasurer; (iii) Shall be marketed and promoted under the name or names determined by the State Treasurer; and (iv) May be established as one or more trusts to be declared by the State Treasurer. (2) The Maryland ABLE Program may be divided into multiple investment options.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.