Truly Agreed, 2015

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HCS SS SCS SB 174, 2015    (New Section - Proposed Language)

166.600. 1. As used in sections 166.600 to 166.645, except where the context clearly requires another interpretation, the following terms mean:
     (1) "ABLE account", the same meaning as in Section 529A of the Internal Revenue Code;
     (2) "Benefits", the payment of qualified disability expenses on behalf of a designated beneficiary from an ABLE account;
     (3) "Board", the Missouri Achieving a Better Life Experience board established in section 166.605;
     (4) "Designated beneficiary", the same meaning as in Section 529A of the Internal Revenue Code;
     (5) "Eligible individual", the same meaning as in Section 529A of the Internal Revenue Code;
     (6) "Financial institution", a bank, insurance company or registered investment company;
     (7) "Internal Revenue Code", the Internal Revenue Code of 1986, as amended;
     (8) "Missouri Achieving a Better Life Experience program" or "ABLE", the program created pursuant to sections 166.600 to 166.645;
     (9) "Participant", a person who has entered into a participation agreement pursuant to sections 166.600 to 166.645 for the advance payment of qualified disability expenses on behalf of a designated beneficiary. Unless otherwise permitted under Section 529A of the Internal Revenue Code the participant shall be the designated beneficiary of the ABLE Account, except that if the designated beneficiary of the account is a minor or has a custodian or other fiduciary appointed for the purpose of managing his or her financial affairs, the parent or custodian or other fiduciary of the designated beneficiary may serve as the participant if such form of ownership is permitted or not prohibited by Section 529A of the Internal Revenue Code;
     (10) "Participation agreement", an agreement between a participant and the board pursuant to and conforming with the requirements of sections 166.600 to 166.645; and
     (11) "Qualified disability expenses", the same meaning as in Section 529A of the Internal Revenue Code.


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