A. The State Treasurer shall facilitate access to a qualified ABLE program through the selection of one or more of the following options:
1. Establishing an Achieving a Better Life Experience program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295;
2. Contracting with a state with a qualified ABLE program;
3. Joining a consortium of states in administering a qualified ABLE program; or
4. Operating a website to assist eligible individuals with the selection of a qualified program.
B. In the event the State Treasurer elects to establish an ABLE program pursuant to paragraph 1 of subsection A of this section, he or she shall:
1. Develop and implement the program in a manner consistent with this act through the adoption of guidelines and procedures;
2. Retain professional services, if necessary, including accountants, auditors, consultants and other experts;
3. Seek rulings and other guidance, if necessary, from the United States Department of the Treasury, the Internal Revenue Service and the Oklahoma Attorney General relating to the program;
4. Make changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by Section 529A of the Internal Revenue Code;
5. Interpret, in policies, guidelines and procedures, the provisions of the ABLE program broadly in light of its purpose and objectives;
6. Develop a schedule of application fees and other necessary fees and charges in connection with any agreement, contract or transaction relating to the program that are sufficient to offset the administrative and staffing costs associated with the implementation and administration of this program;
7. Select the financial institution or institutions to act as the depositories and managers of the program accounts in accordance with this act. For purposes of selecting such institutions and managers, the Office of the State Treasurer shall be exempt from The Oklahoma Central Purchasing Act. The Treasurer shall develop a competitive process by which the institutions and managers will be selected; and
8. Be exempt from the rulemaking provisions of the Administrative Procedures Act when adopting guidelines for the ABLE program; provided, any such guidelines affecting existing or potential participants in the ABLE program may only be implemented after reasonable notice to the public and a public hearing in a manner similar to the requirements of the Administrative Procedures Act.
C. In the event the State Treasurer elects to contract with another state or join a consortium pursuant to the provisions of subsection A of this section, he or she shall:
1. Select the state or consortium which the Treasurer has determined will provide the greatest benefit to eligible individuals. For purposes of selecting such state or consortium, the Office of the State Treasurer shall be exempt from The Oklahoma Central Purchasing Act. The Treasurer shall develop a competitive process by which the state or consortium will be selected; and
2. Develop procedures to assist in the promotion of a partner ABLE program which the Treasurer has selected pursuant to subsection A of this section, whether such program is established by another state or a consortium of states.
Added by Laws 2016, c. 354, § 3, eff. Jan. 1, 2017.