N.Y. State Finance Law § 99-x: New York achieving a better life experience (NY ABLE) savings program trust fund

§ 99-x. New York achieving a better life experience (NY ABLE) savings

program trust fund. 1. There is hereby established in the sole custody

of the state comptroller a special fund to be known as the New York

achieving a better life experience (NY ABLE) savings program trust fund.

All payments from such fund shall be made in accordance with article

eighty-four of the mental hygiene law.

2. The fund shall be a trust fund and shall consist of a trust account

and an operating account. The trust account shall include amounts

received by the NY ABLE savings program pursuant to NY ABLE savings

agreements, administrative charges, fees, and all other amounts received

by the program from other sources, and interest and investment income

earned by the trust fund. The comptroller shall, from time to time, make

transfers from the trust account to the operating account for the

immediate payment of obligations under NY ABLE savings agreements,

operating expenses and administrative costs of the NY ABLE savings

program. Administrative costs shall be paid out of the operating account

according to the terms and conditions established pursuant to the

provisions of section 84.05 of the mental hygiene law.

3. (a) The comptroller, as trustee, shall invest the assets of the

trust fund with the care, skill, prudence and diligence under the

circumstances then prevailing that a prudent person acting in a like

capacity and familiar with such matters would use in the conduct of an

enterprise of a like character and with like aims.

(b) Trust fund assets shall be kept separate and shall not be

commingled with other assets, except as provided herein. The comptroller

may enter into contracts to provide for investment advice and

management, custodial services, and other professional services for the

administration and investment of the program. Administrative fees, costs

and expenses, including investment fees and expenses, shall be paid from

the assets of the fund.

4. The comptroller shall provide for the administration of the trust

fund, including maintaining participant records and accounts, and

providing annual audited reports. The comptroller may enter into

contracts to provide administrative services and reporting.