California Code of Regulations
Title 10 - Investment
Chapter 14 - California Achieving a Better Life Experience (Able) Act Board
Article 1 - California Achieving a Better Life Experience (Able) Program Trust
Section 9006 - Rollover Distributions
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Rollover Distributions Generally. An Account Owner may direct a rollover once in every rolling twelve-month period for the same Account Owner.
(b) Rollover Distribution Deposit Timeframe. A distribution that is made for purposes of a rollover must be deposited to the different account within the Plan or another qualified ABLE program within 60 days of the distribution. Failure to deposit a rollover distribution within 60 days will result in the distribution being treated as a Nonqualified Distribution.
(c) Rollover Documentation. A rollover directly to or from another qualified ABLE program must be accompanied by a written statement from the applicable qualified ABLE program identifying the portion of the rollover that represents contributions and the portion that represents earnings. Failure to provide this information may result in the deposit being treated as earnings.
(d) Closure of Accounts. The account from which funds are rolled over for the same Account Owner must be closed within 60 days after the distribution.
(e) Execution of New Participation Agreement. Any rollover to a new account not yet established under the ABLE Plan shall not be effective until the Eligible Individual or the Eligible Individual's Authorized Legal Representative has submitted a completed and signed Participation Agreement for the new account and the account has been established by the Program Administrator.
1. New section
filed 2-21-2017 as a deemed emergency pursuant to Welfare and Institutions Code
section
4882(b);
operative 2-21-2017 (Register 2017, No. 8). A Certificate of Compliance must be
transmitted to OAL by 8-21-2017 or emergency language will be repealed by operation
of law on the following day.
2. New section refiled 8-21-2017 as a deemed
emergency pursuant to Welfare and Institutions Code section
4882(b);
operative 8-21-2017 (Register 2017, No. 34). A Certificate of Compliance must be
transmitted to OAL by 11-20-2017 or emergency language will be repealed by operation
of law on the following day.
3. Certificate of Compliance as to 8-21-2017
order transmitted to OAL 8-24-2017 and filed 10-5-2017 (Register 2017, No.
40).
Note: Authority cited: Section 4882, Welfare and Institutions Code. Reference: Section 4877, Welfare and Institutions Code; and Section 529 A, Internal Revenue Code.
