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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A10206
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1374
- Referred to mental health and developmental disabilities
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the implementation of the New York achieving a better life experience (NY ABLE) savings account act
Signed by Governor · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the mental hygiene law, in relation to the implementation of the New York achieving a better life experience (NY ABLE) savings account act
Purpose of the bill
This bill would facilitate access to ABLE accounts for individuals with developmental disabilities and their families.
Summary of provisions
This bill would authorize the comptroller to enter into a contract with the existing third party administrator of the NYS College Choice Tuition Savings Program for the purpose of administering the NY Achieving a Better Life Experience (ABLE) savings account program and providing account depositories and managers. The term of such contract would expire on the same date as the contract for the administration of the NYS College Choice Tuition Savings Program. Upon the expiration of such contract, the comptroller may solicit proposals for the purpose of administering the NY ABLE savings account program and the NYS College Choice Tuition Savings Program. Additionally, the comptroller may choose to allow the programs to be administered jointly or separately.
Statement in support
On December 19th, 2014, President Barack Obama signed into law the Achieving a Better Life Experience (ABLE) Act, authorizing states to establish ABLE savings accounts for qualified individuals with disabilities.
Chapter 576 of the laws of 2015 authorized New York State to establish a NY ABLE Savings Account Program that would allow qualified individuals with developmental disabilities to save funds for non-Medicaid reimbursable expenses during their adult lives. The funds would accrue interest tax-free and would not be a factor in Medicaid eligibility. This law also allows the comptroller to contract with a 3rd party vendor in order to administer the ABLE program.
As New York continues to place greater emphasis on community-based services for individuals with disabilities, the State must utilize all available tools to promote independence, and provide access to such tools in an efficient and timely manner. This bill would accelerate the implementation of the New York State ABLE savings account program by authorizing the Comptroller to enter into a contract with the existing third party administrator of the NYS College Choice Tuition Savings Program for the purpose of administering the NY ABLE Savings Account Program and provide the Comptroller with the option to permit the programs to be administered jointly or separately by a 3rd party vendor.
Prior legislative history
This is a new bill.
Budget implications
Undetermined.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.