Effective - 28 Aug 2021, 4 histories
209.610. Agreements, terms and conditions — contribution limits. — 1. The board may enter into ABLE program participation agreements with participants on behalf of designated beneficiaries pursuant to the provisions of sections 209.600 to 209.645, including the following terms and conditions:
(1) A participation agreement shall stipulate the terms and conditions of the ABLE program in which the participant makes contributions;
(2) A participation agreement shall specify the method for calculating the return on the contribution made by the participant;
(3) A participation agreement shall clearly and prominently disclose to participants the risk associated with depositing moneys with the board;
(4) Participation agreements shall be organized and presented in a way and with language that is easily understandable by the general public; and
(5) A participation agreement shall clearly and prominently disclose to participants the existence of any load charge or similar charge assessed against the accounts of the participants for administration or services.
2. The board shall establish the maximum amount of contributions which may be made annually to an ABLE account, which shall be the same as the amount allowed by 26 U.S.C. Section 529A of the Internal Revenue Code of 1986, as amended.
3. The board shall establish a total contribution limit for savings accounts established under the ABLE program with respect to a designated beneficiary which shall in no event be less than the amount established as the contribution limit by the Missouri education program board for qualified tuition programs established under sections 166.400 to 166.450. No contribution shall be made to an ABLE account for a designated beneficiary if it would cause the balance of the ABLE account of the designated beneficiary to exceed the total contribution limit established by the board. The board may establish other requirements that it deems appropriate to provide adequate safeguards to prevent contributions on behalf of a designated beneficiary from exceeding what is necessary to provide for the qualified disability expenses of the designated beneficiary.
4. The board shall establish the minimum length of time that contributions and earnings must be held by the ABLE program to qualify as tax exempt pursuant to section 209.625. Any contributions or earnings that are withdrawn or distributed from an ABLE account prior to the expiration of the minimum length of time, as established by the board, shall be subject to a penalty pursuant to section 209.620.
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(L. 2015 S.B. 174 § 166.610, A.L. 2016 H.B. 2125, A.L. 2018 S.B. 882, A.L. 2021 H.B. 297)
Structure Missouri Revised Statutes
Title XII - Public Health and Welfare
Section 209.010 - Division to aid blind persons.
Section 209.020 - Division may receive and expend donations and bequests.
Section 209.035 - Proceeds from involuntary conversion, how treated — receipt defined.
Section 209.050 - Persons refusing work ineligible for pensions — names may be stricken from roll.
Section 209.060 - Application for pension — payment begins, when — misrepresentation, penalty.
Section 209.070 - Division to prepare suitable blank application forms.
Section 209.080 - Division to make regulations relative to examination of applicants for pensions.
Section 209.090 - Division to prepare roll of pensioners — to distribute pensions.
Section 209.100 - Division to keep blind pension roll.
Section 209.110 - Person aggrieved may appeal.
Section 209.130 - Rate of tax to be levied.
Section 209.140 - Persons violating provisions of law guilty of misdemeanor.
Section 209.170 - October fifteenth to be white cane safety day, governor to note.
Section 209.200 - Definitions.
Section 209.240 - Amount of pension — need, how determined.
Section 209.251 - Definitions.
Section 209.261 - Definitions.
Section 209.265 - No disclosure of conversation without permission — penalty.
Section 209.285 - Definitions.
Section 209.289 - Coordinator to be hired, qualifications, salary and expenses.
Section 209.295 - Rules and regulations, authority to promulgate, duties of commission.
Section 209.299 - Evaluations to be held where and when — coordinator to notify applicants of score.
Section 209.302 - Eligibility for evaluation.
Section 209.305 - Evaluations, subjects to be covered — confidentiality of tests and records.
Section 209.307 - Conflict of interest for board or evaluation team, effect.
Section 209.311 - Fees, how established.
Section 209.314 - Grievances on evaluation, procedure.
Section 209.317 - Certificate may be suspended, denied or revoked — hearing procedure.
Section 209.322 - Certificates recognized by the board.
Section 209.331 - Procedure to adopt rules.
Section 209.337 - Violations, penalty — injunction granted when — venue.
Section 209.600 - Definitions.
Section 209.610 - Agreements, terms and conditions — contribution limits.
Section 209.615 - Deposit and investment of moneys.
Section 209.620 - Cancellation of participation agreement, penalty.
Section 209.625 - Assets exempt from taxation.
Section 209.630 - Assets used for ABLE program purposes only.
Section 209.635 - Rulemaking authority.
Section 209.640 - State treasurer's office, semiannual review.
Section 209.645 - ABLE account moneys not part of total state revenues.