New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter IV - Miscellaneous Rules
Part 156 - The New York Achieving A Better Life Experience Savings Account Act
Section 156.6 - Program implementation and management
Current through Register Vol. 46, No. 12, March 20, 2024
The Comptroller shall implement and manage the NY ABLE Program through the use of third party vendors to administer accounts, financial organizations to serve as managers and depositories for the program and such consultants, outside counsel and other third party vendors that the Comptroller deems necessary and proper. Such vendors shall be procured in accordance with provisions of the State Finance Law governing State contracts, as modified by chapter 149 of the Laws of 2016. In procuring financial organizations to serve as program manager(s) and depository(ies), the Comptroller shall, at a minimum, consider and evaluate the following factors:
(a) financial stability and integrity of the financial organization;
(b) the safety of the investment instrument being offered;
(c) the ability of the investment instrument to track increasing costs of obtaining care for individuals with disabilities;
(d) the ability of the financial organization to satisfy recordkeeping and reporting requirements;
(e) the financial organization's plan for promoting the program and the investment it is willing to make to promote the program;
(f) the fees, if any, proposed to be charged to persons for opening or maintaining accounts;
(g) the minimum initial deposit and minimum contributions that the financial organization will require;
(h) the ability of banking organizations to accept electronic withdrawals, including payroll deduction plans; and
(i) other benefits to the State or its residents included in the proposal, including fees payable to the State to cover expenses of operation of the program.
Other factors, including programs and practices to prevent fraud and unauthorized transactions will be included in any procurement and resulting contract with a program manager.
The Comptroller shall select from among bidding financial organizations those that demonstrate the most advantageous combination, both to potential participants and to the State, of the above-enumerated factors to serve as managers and depositories of the program.
