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 156.8 - NY ABLE Account Advisory Council

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 156.8

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Membership. The NY ABLE Account Advisory Council shall consist of the following persons or their designees:

(1) Ex Officio members, as follows:
(i.) The Comptroller;

(ii.) The Commissioner of the Office of Mental Health;

(iii.) The Commissioner of the Office for People With Developmental Disabilities;

(iv.) The Commissioner of the Department of Health;

(v.) The Superintendent of the Department of Financial Services;

(vi.) The Commissioner of the Department of Taxation and Finance; and

(vii.) The Commissioner of the Office of Temporary and Disability Assistance;

(2) Appointed members, as follows:
(i.) Three individuals appointed by the Governor;

(ii.) Two individuals appointed by the Temporary President of the Senate;

(iii.) Two individuals appointed by the Speaker of the Assembly.

(b) Qualifications; term. The executive and legislative appointees shall have the following qualifications: knowledge, skill and expertise in issues relating to individuals with disabilities; expertise in services to persons with disabilities; or knowledge in management and support of the fiscal affairs of such disabilities. Such appointed members of the Advisory Council shall be appointed for a term of three (3) years and shall be representative of all geographic areas of the State.

(c) Duties. The NY ABLE Account Advisory Council shall undertake the following duties:

(1) Study and review the work of the Comptroller in relation to the establishment of the Program;

(2) Advise the Comptroller and make recommendations for the improvement of the Program;

(3) Advise the Comptroller on legislative and regulatory activity which may be required for compliance; and

(4) Advise the Comptroller on the development of materials to be provided to account owners, prospective account owners and designated beneficiaries regarding the following:
(i) The terms and conditions for purchasing an account;

(ii) Any restrictions on the substitution of beneficiaries;

(iii) The person or entity entitled to terminate the account;

(iv) The period of time during which a beneficiary may receive benefits under the Program ;

(v) The terms and conditions under which money may be wholly or partially withdrawn from the Program, including, but not limited to, any reasonable charges and fees that may be imposed for withdrawal;

(vi) The probable tax consequences associated with contributions to and distributions from accounts; and

(vii) Other rights and obligations under the Program, including, but not limited to, the potential impact on means-tested programs and the state's right to recover the total Medical Assistance paid for the designated beneficiary, or any part thereof, and any net premiums paid by the designated beneficiary to the state's Medicaid Buy-In Program and/or Medicare Savings Program upon the death of a designated beneficiary in reimbursement for Medical Assistance and/or Medicare cove red by the state while the account was open.

(d) Convening of NY ABLE Account Advisory Council. The Advisory Council shall meet as provided for in Section 84.07 of the Mental Hygiene Law. Such meetings may be held by teleconference or via other electronic medium which allows for oral participation by all present.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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