Issue Date: 2015-06-23
Revised Date: 2015-06-23

Legal Cites

Origin:

S.B. 1664, and H.B. 6, 84th Leg. R.S.

Purpose

The Texas Achieving a Better Life Experience (ABLE) Program assists individuals and families in saving funds for supporting individuals with disabilities to maintain health, independence, and quality of life.

The Texas ABLE Savings Plan Trust Fund is established as a trust fund outside of the state treasury.

Fund amounts are for distributions to designated beneficiaries and program administration and operations. Amounts may be refunded for cancellations, excess contributions, liquidation, and death. All money paid by a participant and deposited into an individual ABLE account shall be promptly invested by the board.

Classification Group 13: Local Trust [?]
Depository Interest Retained in fund.
Disposition of Balance Accumulative
Appropriation Technique Not appropriated for state expenditure.

Note

USAS Values

USAS Title TEXAS ABLE SAVINGS PLAN TRUST FUND
Consolidated Fund
State Fund Group 13 - LOCAL TRUST
USAS Status A
Funds held outside the state treasury in a trustee capacity for individuals, private organizations or other governmental entities. Includes assets belonging to individuals and other entities held temporarily in a custodial capacity.