AB 130 — Places the Nevada ABLE Savings Program entirely under the authority of the State Treasurer. (BDR 38-177)

A.B.Assembly Bill No.

130130–Committee Aon SSEMBLYHealth Band ILLNHuman O.Services CHAPTER..........

130–COMMITTEE ON H EALTH AND HUMAN SERVICES (ON B EHALF OF THE LEGISLATIVE COMMITTEE ON SENIOR CITIZENS, VETERANS AND ADULTS W ITH SPECIAL NEEDS ) FEBRUARY 12, 2019 ____________ Referred to Committee on Health and Human Services SUMMARY—Places the Nevada ABLE Savings Program entirely under the authority of the State Treasurer.

(BDR 38-177) FISCAL NOTE:

Effect on Local Government:

No.

Effect on the State:

Yes.

~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

Existing federal law allows for the creation of tax-advantaged savings accounts, known as ABLE Accounts, for persons who have certain qualifying disabilities.

Tots,To qualify for these benefits, the savings account into which contributions are made on behalf of a qualified person must be established and maintained by the qualified person’sU.S.C. state of residence.

(Achieving§ a529A) BetterExisting LifeNevada Experiencelaw Actrequires ofthe 2014,State 26Treasurer U.S.C.to establish an6 ABLE Savings Program in this State.

§(NRS 529A)427A.889) Existing Nevada law requires the StateAging Treasurerand Disability Services Division of the Department of Health and Human Services to establishimplement an ABLEoutreach Savingsand Programeducational inprogram thisdesigned State.to create awareness of, and increase participation in, the Nevada ABLE Savings Program.

(NRS 427A.889) Existing law requiresalso authorizes the ServicesDivision to implementemploy anpersonnel outreach and educationalenter programinto designed(NRS 427A.896) This bill transfers to createthe awarenessState of,Treasurer all duties and increaseauthority participationof in,the Division relating to the Nevada ABLE Savings Program.Program, including the duty to implement an outreach and educational program.

ExistingThus, lawthis alsobill authorizesprovides the DivisionState toTreasurer employwith personnelexclusive andresponsibility enterfor intoadministering contracts to carry out provisions governing the Nevada ABLE Savings Program.

(NRSEXPLANATION 427A.896)– ThisMatter billin transfersbolded toitalics theis Statenew; Treasurer all duties and authority of the Division relating to the Nevada ABLE Savings Program, including the duty to implement an outreach and educational program.

Thus,matter thisbetween billbrackets provides[omitted thematerial] Stateis Savingsmaterial Program.xclusiveto responsibilitybe foromitted. administering the Nevada ABLE - *AB130* – 2 – THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

The State Treasurer shall consider the risk, expected rate of return, term or maturity, - 80th Session (2019) – 2 – diversification of total investments, liquidity and anticipated investments in and withdrawals from the Trust Fund.

The [Division and the] State Treasurer may employ personnel and contract for goods and services necessary for the effectiveProgram.e and efficient operation of the Nevada ABLE Savings Program.6.

6.

- *AB130* – 3 – (c) The selection of investment managers for the Nevada ABLE Savings Program;

Any contract or other agreement entered into by the Aging and Disability Services Division of the Department of Health and Human Services for the purposes authorized by NRS 427A.896 that exists on July 1, 2019, is binding upon and may be enforced by theSec.the State Treasurer on or after that date.

Sec.

H~~~~~ 19 - *AB130*80th Session (2019)