Arkansas Administrative Code Agency 230 - Achieving a Better Life Experience (ABLE) Program Committee
Arkansas Administrative Code — Agency 230
Achieving a Better Life Experience (ABLE) Program Committee
Rule 230.00.18‑001 — Arkansas ABLE Program Rules and Regulations
Section 1. General
The Arkansas ABLE Program is established under the Arkansas ABLE Act.
The Program complies with Section 529A of the Internal Revenue Code.
The ABLE Program Committee (“Committee”) is responsible for adopting rules and regulations for the Program.
Federal law (529A) overrides any state rule in case of conflict.
The Committee may amend rules as necessary to follow federal and state law.
Section 2. Definitions
Key terms used in the rules:
ABLE: Federal Achieving a Better Life Experience Act (26 USC 529A).
ABLE Program / Program: The Arkansas ABLE account program managed under state law.
Committee: Arkansas ABLE Program Committee.
Account: An individual investment account in the Program.
Account Administrator: The entity selected to manage daily operations, investments, recordkeeping, and marketing.
Account Beneficiary: The person who benefits from the account.
Designated Representative: A person authorized to act on behalf of a beneficiary.
Qualified Disability Expenses: Expenses allowed under Section 529A.
Withdrawal / Qualified Withdrawal: Disbursements for qualified expenses.
Other terms: Cash, Business Day, Treasurer, Underlying Investments, Series, etc.
Section 3. Interstate Agreements
The State Treasurer may enter into agreements with other states to share ABLE Program services.
This is intended to improve efficiency and reduce costs.
Section 4. Program Structure
A. The Trust
The Program Trust has two parts:
Investment Fund: Receives contributions and invests them.
Operating Fund: Holds an operating account for administrative expenses.
B. Portfolios
Investment Fund can have multiple portfolios or series.
Account owners select portfolio allocations for their accounts.
Portfolios are periodically rebalanced according to approved allocations.
The Treasurer/Program Manager can adjust investments to comply with federal tax rules.
Beneficiaries may change designated beneficiaries to eligible family members under certain conditions.
Committee Composition and Powers (Arkansas Code § 20‑3‑105)
Members
The ABLE Program Committee consists of:
Secretary of the Department of Human Services (or designee)
Commissioner of Arkansas Rehabilitation Services (or designee)
State Treasurer (or designee)
Treasurer’s Duties
Manage the ABLE Program Trust.
Provide office space, staff, and materials.
Implement and operate the ABLE Program.
Conduct outreach and financial education for participants.
Committee Responsibilities
Adopt rules to administer the Program.
Ensure compliance with federal law (529A).
Maintain and invest Program funds responsibly.
Hire or contract for financial and administrative services.
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