(a) The qualified ABLE program that is established and maintained by the state as an agency or instrumentality thereof shall comply with all requirements of the code and shall:

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Terms Used In Tennessee Code 71-4-806

  • Account: means an account established by. See Tennessee Code 71-4-803
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Code: means §. See Tennessee Code 71-4-803
  • Designated beneficiary: means the eligible individual who has established and owns an ABLE account, and for whose benefit the account has been established. See Tennessee Code 71-4-803
  • Eligible individual: means an individual who is entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act (42 U. See Tennessee Code 71-4-803
  • program: means the ABLE program that is a qualified program pursuant to and in compliance with the code, and that is created pursuant to this part. See Tennessee Code 71-4-803
  • 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. See Tennessee Code 71-4-803
  • State: means the state of Tennessee. See Tennessee Code 71-4-803
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) Allow one (1) or more persons to make contributions for a taxable year into an account for the benefit of an eligible individual who is also the designated beneficiary during the taxable year. The designated beneficiary shall be an eligible individual at the time the account is established, at the time of any contribution to the account, and at the time of a distribution from an account for qualified disability expenses; and
(2) Limit one (1) eligible individual or designated beneficiary to one (1) account.
(b) The state treasurer shall submit a notice to the secretary of the United States department of the treasury at the time that an account is established. The notice shall contain the name and state of residence of the designated beneficiary and such other and further information as the secretary of the United States department of the treasury may require.
(c) On a monthly basis, the qualified ABLE program shall submit electronic statements to the commissioner of the social security administration containing distributions and account balances from all accounts.
(d) Contributions from a student’s individualized education account to an achieving a better life experience account for the benefit of the student along with the earnings in the achieving a better life experience account may only be expended for the student’s education expenses in accordance with this part, and the rules promulgated pursuant thereto, and the code.
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