For purposes of this chapter:
(a) “ABLE account” or “account” means the account established and owned by a designated beneficiary pursuant to this chapter for the purpose of meeting the qualified disability expenses of the designated beneficiary of the account.
(b) “Administrative fund” means the fund used to administer this chapter.
(c) “Board” means the California ABLE Act Board established under this chapter.
(d) “California ABLE Program Trust” or “ABLE program trust” means the trust created pursuant to this chapter.
(e) “Designated beneficiary” means the eligible individual who established an ABLE account and is the owner of the account.
(f) “Eligible individual” means an individual who is eligible under the program for a taxable year if blindness or disability occurred before the date on which the individual attained 26 years of age, and during that taxable year either of the following criteria are satisfied:
(1) The individual is entitled to benefits based on blindness or disability under Title II or XVI of the federal Social Security Act, and that blindness or disability occurred before the date on which the individual attained 26 years of age.
(2) A disability certification, as defined in the federal ABLE Act, with respect to the individual is filed pursuant to the requirements set forth in the federal ABLE Act.
(g) “Federal ABLE Act” means the federal Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014.
(h) “Investment management” means the functions performed by a manager contracted to perform functions delegated by the board.
(i) “Investment manager” means a manager contracted to perform functions delegated by the board.
(j) “Program fund” means the program fund established by this chapter, which shall be held as a separate fund within the California ABLE Program Trust.
(k) “Qualified ABLE Program” or “program” means the program established by this chapter to implement the federal ABLE Act pursuant to Section 529A of the Internal Revenue Code.
(l) “Qualified disability expenses” means any expenses related to the eligible individual’s blindness or disability that are made for the benefit of an eligible individual who is the designated beneficiary, including the following expenses: education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, funeral and burial expenses, and other expenses, which are approved by the Secretary of the Treasury under regulations and consistent with the purposes of the federal ABLE Act.
(Amended by Stats. 2016, Ch. 317, Sec. 1. (AB 1553) Effective September 13, 2016.)