(1) The authority shall establish and implement the achieving a better life experience (ABLE) savings program in Colorado that complies with the federal ABLE act and section 529A of the internal revenue code, or any successor section, and regulations implementing that section to allow for an account owner to save for qualified disability expenses without disqualifying the account owner from certain federal benefits. The ABLE savings program shall be administered pursuant to the provisions of this part 3 that are consistent with section 529A of the internal revenue code. In addition to any other powers and duties specifically granted to the authority in this part 3 and in part 2 of this article, as applicable to the ABLE savings program, the authority shall:
Adopt any guidelines and procedures that are necessary to administer the ABLE savings program;
Make any necessary changes to the ABLE savings program to obtain or maintainfederal income tax benefits or treatment provided by section 529A of the internal revenue code and exemptions under federal securities laws;
Operate the ABLE savings program through the use of accounts pursuant to the provisions of section 23-3.1-306 as they apply to the ABLE savings program; and
Implement the ABLE savings program through the use of one or more financial institutions to act as managers pursuant to the provisions of section 23-3.1-305 as they apply to the ABLE savings program.
For purposes of implementing the ABLE savings program, the authority may investamounts on deposit in accounts established pursuant to this section with other accounts established in this part 3 that are qualified accounts pursuant to section 529 of the internal revenue code.
If permitted under federal law, the authority may:
Contract with a state that does not have a qualified ABLE savings program pursuantto section 529A of the internal revenue code to provide residents of that state access to Colorado's ABLE savings program; and
Contract with a state that has a qualified ABLE savings program to provide residentsof Colorado access to that state's program.
(4) Nothing in this article prevents the authority from complying with its duty to conform the program to federal requirements for a qualified ABLE savings program under section 529A of the internal revenue code.
Source: L. 2015: Entire section added, (HB 15-1359), ch. 269, p. 1046, § 1, effective June 3.