Section 99-X - New York achieving a better life experience (NY ABLE) savings program trust fund1. 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.N.Y. State Fin. Law § 99-X
Amended by New York Laws 2022, ch. 414,Sec. 2, eff. 7/21/2022.Added by New York Laws 2015, ch. 576,Sec. 7, eff. 4/1/2016.