Section 23-3.1-311 - Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties(1) The authority shall establish and implement the achieving a better life experience (ABLE) savings program in Colorado that complies with the federal ABLE act and section 529A of the internal revenue code, or any successor section, and regulations implementing that section to allow for an account owner to save for qualified disability expenses without disqualifying the account owner from certain federal benefits. The ABLE savings program shall be administered pursuant to the provisions of this part 3 that are consistent with section 529A of the internal revenue code. In addition to any other powers and duties specifically granted to the authority in this part 3 and in part 2 of this article, as applicable to the ABLE savings program, the authority shall: (a) Adopt any guidelines and procedures that are necessary to administer the ABLE savings program;(b) Make any necessary changes to the ABLE savings program to obtain or maintain federal income tax benefits or treatment provided by section 529A of the internal revenue code and exemptions under federal securities laws;(c) Operate the ABLE savings program through the use of accounts pursuant to the provisions of section 23-3.1-306 as they apply to the ABLE savings program; and(d) Implement the ABLE savings program through the use of one or more financial institutions to act as managers pursuant to the provisions of section 23-3.1-305 as they apply to the ABLE savings program.(2) For purposes of implementing the ABLE savings program, the authority may invest amounts on deposit in accounts established pursuant to this section with other accounts established in this part 3 that are qualified accounts pursuant to section 529 of the internal revenue code.(3) If permitted under federal law, the authority may:(a) Contract with a state that does not have a qualified ABLE savings program pursuant to section 529A of the internal revenue code to provide residents of that state access to Colorado's ABLE savings program; and(b) Contract with a state that has a qualified ABLE savings program to provide residents of Colorado access to that state's program.(4) Nothing in this article prevents the authority from complying with its duty to conform the program to federal requirements for a qualified ABLE savings program under section 529A of the internal revenue code.(5) Upon the death of an ABLE savings program designated beneficiary, the state shall not file a claim against the deceased designated beneficiary's ABLE savings program account as authorized in section 529A (f) of the internal revenue code, unless the filing of such a claim is required to maintain qualified ABLE savings program status under section 529A of the internal revenue code.Amended by 2022 Ch. 241, § 2, eff. 1/1/2023.Added by 2015 Ch. 269, § 1, eff. 6/3/2015.L. 2015: Entire section added, (HB 15-1359), ch. 269, p. 1046, § 1, effective June 3. 2022 Ch. 241, was passed without a safety clause. See Colo. Const. art. V, § 1(3).