Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 642
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/17/2015           .                                

       The Committee on Banking and Insurance (Benacquisto) recommended
       the following:
    1         Senate Amendment (with title amendment)
    3         Delete lines 90 - 554
    4  and insert:
    5         (a)“ABLE account” means an account established and
    6  maintained under the Florida ABLE program.
    7         (b)“Contracting state” means a state that has entered into
    8  a contract with Florida ABLE, Inc., to provide residents of
    9  Florida or that state with access to a qualified ABLE program.
   10         (c)“Designated beneficiary” means the eligible individual
   11  who established an ABLE account or the eligible individual to
   12  whom an ABLE account was transferred.
   13         (d)“Eligible individual” has the same meaning as provided
   14  in s. 529A of the Internal Revenue Code.
   15         (e)“Florida ABLE program” means the qualified ABLE program
   16  established and maintained under this section by Florida ABLE,
   17  Inc.
   18         (f)“Internal Revenue Code” means the United States
   19  Internal Revenue Code of 1986, as defined in s. 220.03(1), and
   20  regulations adopted pursuant thereto.
   21         (g)“Participation agreement” means the agreement between
   22  Florida ABLE, Inc., and a participant in the Florida ABLE
   23  program.
   24         (h) “Qualified ABLE program” means the program authorized
   25  under s. 529A of the Internal Revenue Code which may be
   26  established by a state or agency, or instrumentality thereof, to
   27  allow a person to make contributions for a taxable year to an
   28  ABLE account established for the purpose of meeting the
   29  qualified disability expenses of the designated beneficiary of
   30  the ABLE account.
   31         (i) “Qualified disability expense” has the same meaning as
   32  provided in s. 529A of the Internal Revenue Code.
   34         (a)The Florida Prepaid College Board shall establish a
   35  direct-support organization to be known as “Florida ABLE, Inc.,”
   36  which is:
   37         1. A Florida not-for-profit corporation registered,
   38  incorporated, organized, and operated in compliance with chapter
   39  617.
   40         2. Organized and operated to receive, hold, invest, and
   41  administer property and to make expenditures for the benefit of
   42  the Florida ABLE program.
   43         (b) Florida ABLE, Inc., shall operate under a written
   44  contract with the Florida Prepaid College Board. The contract
   45  must include, but is not limited to, provisions that require:
   46         1. The articles of incorporation and bylaws of Florida
   47  ABLE, Inc., to be approved by the Florida Prepaid College Board.
   48         2.Florida ABLE, Inc., to submit an annual budget for
   49  approval by the Florida Prepaid College Board. The budget must
   50  comply with rules adopted by the Florida Prepaid College Board.
   51         3.Florida ABLE, Inc., to pay reasonable consideration to
   52  the Florida Prepaid College Board for products or services
   53  provided directly or indirectly by the Florida Prepaid College
   54  Board.
   55         4. The Florida Prepaid College Board to solicit proposals,
   56  to contract or subcontract, or to amend contractual service
   57  agreements of the Florida Prepaid College Board for the benefit
   58  of Florida ABLE, Inc.
   59         5. The Florida Prepaid College Board to maintain the
   60  website of Florida ABLE, Inc.
   61         6. The Florida Prepaid College Board to annually certify
   62  that Florida ABLE, Inc., is complying with the terms of the
   63  contract and acting in a manner consistent with this section and
   64  in the best interest of the state. The certification must be
   65  reported in the official minutes of a meeting of the Florida
   66  Prepaid College Board.
   67         7. The disclosure of material provisions in the contract
   68  and of the distinction between the Florida Prepaid College Board
   69  and Florida ABLE, Inc., to donors of gifts, contributions, or
   70  bequests, and the inclusion of such disclosure on all
   71  promotional and fundraising publications.
   72         8. The fiscal year for Florida ABLE, Inc., to begin on July
   73  1 and end on June 30 of the following year.
   74         (c) Florida ABLE, Inc., shall provide for an annual
   75  financial audit in accordance with s. 215.981. The Florida
   76  Prepaid College Board and the Auditor General may require
   77  Florida ABLE, Inc., or its independent auditor, to provide any
   78  supplemental data relating to the operation of Florida ABLE,
   79  Inc.
   80         (d)1. The board of directors of Florida ABLE, Inc., shall
   81  consist of:
   82         a. The chair of the Florida Prepaid College Board, who
   83  shall serve as the chair of the board of directors of Florida
   84  ABLE, Inc.
   85         b. One individual who possesses knowledge, skill, and
   86  experience in the areas of accounting, risk management, or
   87  investment management, who shall be appointed by the Florida
   88  Prepaid College Board. A current member of the Florida Prepaid
   89  College Board, other than the chair, may be appointed.
   90         c. One individual who possesses knowledge, skill, and
   91  experience in the areas of accounting, risk management, or
   92  investment management, who shall be appointed by the Governor.
   93         d. Two individuals who are advocates of persons with
   94  disabilities, one of whom shall be appointed by the President of
   95  the Senate and one of whom shall be appointed by the Speaker of
   96  the House of Representatives. At least one of the individuals
   97  appointed under this sub-subparagraph must be an advocate of
   98  persons with developmental disabilities, as that term is defined
   99  in s. 393.063.
  100         2.a. The term of the appointee under sub-subparagraph 1.b.
  101  shall be up to 3 years as determined by the Florida Prepaid
  102  College Board. Such appointee may be reappointed.
  103         b. The term of the appointees under sub-subparagraphs 1.c.
  104  and d. shall be 3 years. Such appointees may be reappointed for
  105  up to one consecutive term.
  106         3.Unless authorized by the board of directors of Florida
  107  ABLE, Inc., an individual director has no authority to control
  108  or direct the operations of Florida ABLE, Inc., or the actions
  109  of its officers and employees.
  110         4. The board of directors of Florida ABLE, Inc.:
  111         a. Shall meet at least quarterly and at other times upon
  112  the call of the chair.
  113         b. May use any method of telecommunications to conduct, or
  114  establish a quorum at, its meetings or the meetings of a
  115  subcommittee or other subdivision if the public is given proper
  116  notice of the telecommunications meeting and provided reasonable
  117  access to observe and, if appropriate, to participate.
  118         5.A majority of the total current membership of the board
  119  of directors of Florida ABLE, Inc., constitutes a quorum of the
  120  board.
  121         6.Members of the board of directors of Florida ABLE, Inc.,
  122  and the board’s subcommittees or other subdivisions shall serve
  123  without compensation; however, the members may be reimbursed for
  124  reasonable, necessary, and actual travel expenses pursuant to s.
  125  112.061.
  126         (e) Subject to rule adopted by the Florida Prepaid College
  127  Board, Florida ABLE, Inc., may use property, other than money,
  128  facilities, and personal services of the Florida Prepaid College
  129  Board, provided that Florida ABLE, Inc., offers equal employment
  130  opportunities to all persons regardless of race, color,
  131  religion, sex, age, or national origin. As used in this
  132  paragraph, the term “personal services” means use of the Florida
  133  Prepaid College Board’s full-time and part-time personnel,
  134  payroll processing services, and other services prescribed by
  135  rule of the Florida Prepaid College Board.
  136         (4) FLORIDA ABLE PROGRAM.—
  137         (a) On or before July 1, 2016, Florida ABLE, Inc., shall
  138  establish and administer the Florida ABLE program. Before
  139  implementing the program, Florida ABLE, Inc., must obtain a
  140  written opinion from counsel specializing in:
  141         1. Federal tax matters which indicates that the Florida
  142  ABLE program is designed to comply with s. 529A of the Internal
  143  Revenue Code.
  144         2. Federal securities law which indicates that the Florida
  145  ABLE program and the offering of participation in the program
  146  are designed to comply with applicable federal securities law
  147  and qualify for the available tax exemptions under such law.
  148         (b)The participation agreement must include provisions
  149  specifying that:
  150         1. The participation agreement is only a debt or obligation
  151  of the Florida ABLE program and the Florida ABLE Program Trust
  152  Fund and, as provided under paragraph (f), is not a debt or
  153  obligation of the Florida Prepaid College Board or the state.
  154         2. Participation in the Florida ABLE program does not
  155  guarantee that sufficient funds will be available to cover all
  156  qualified disability expenses for any designated beneficiary and
  157  does not guarantee the receipt or continuation of any product or
  158  service for the designated beneficiary.
  159         3.The designated beneficiary must be a resident of this
  160  state or a resident of a contracting state at the time the ABLE
  161  account is established.
  162         4. The establishment of an ABLE account in violation of
  163  federal law is prohibited.
  164         5.Contributions in excess of the limitations set forth in
  165  s. 529A of the Internal Revenue Code are prohibited.
  166         6. The state is a creditor of ABLE accounts as, and to the
  167  extent, set forth in s. 529A of the Internal Revenue Code.
  168         7. Material misrepresentations by a party to the
  169  participation agreement, other than Florida ABLE, Inc., in the
  170  application for the participation agreement or in any
  171  communication with Florida ABLE, Inc., regarding the Florida
  172  ABLE program may result in the involuntary liquidation of the
  173  ABLE account. If an account is involuntarily liquidated, the
  174  designated beneficiary is entitled to a refund, subject to any
  175  fees or penalties provided by the participation agreement and
  176  the Internal Revenue Code.
  177         (c) The participation agreement may include provisions
  178  specifying:
  179         1. The requirements and applicable restrictions for opening
  180  an ABLE account.
  181         2. The eligibility requirements for a party to a
  182  participation agreement and the rights of the party.
  183         3. The requirements and applicable restrictions for making
  184  contributions to an ABLE account.
  185         4. The requirements and applicable restrictions for
  186  directing the investment of the contributions or balance of the
  187  ABLE account.
  188         5. The administrative fee and other fees and penalties
  189  applicable to an ABLE account.
  190         6. The terms and conditions under which an ABLE account or
  191  participation agreement may be modified, transferred, or
  192  terminated.
  193         7. The disposition of abandoned ABLE accounts.
  194         8. Other terms and conditions determined to be necessary or
  195  proper.
  196         (d) The participation agreement may be amended throughout
  197  its term for purposes that include, but are not limited to,
  198  allowing a participant to increase or decrease the level of
  199  participation and to change designated beneficiaries and other
  200  matters authorized by this section and s. 529A of the Internal
  201  Revenue Code.
  202         (e) If an ABLE account is determined to be abandoned
  203  pursuant to rules adopted by the Florida Prepaid College Board,
  204  Florida ABLE, Inc., may use the balance of the account to
  205  operate the Florida ABLE program.
  206         (f) A contract or participation agreement entered into by
  207  or an obligation of Florida ABLE, Inc., on behalf of and for the
  208  benefit of the Florida ABLE program does not constitute a debt
  209  or obligation of the Florida Prepaid College Board or the state,
  210  but is only a debt or obligation of the Florida ABLE program and
  211  the Florida ABLE Program Trust Fund. The state does not have an
  212  obligation to a designated beneficiary or any other person as a
  213  result of the Florida ABLE program. The obligation of the
  214  Florida ABLE program is limited solely to amounts in the Florida
  215  ABLE Program Trust Fund. All amounts obligated to be paid from
  216  the Florida ABLE Program Trust Fund are limited to the amounts
  217  available for such obligation. The amounts held in the Florida
  218  ABLE program may be disbursed only in accordance with this
  219  section.
  220         (g) Notwithstanding any other provision of law, Florida
  221  ABLE, Inc., may enter into an agreement with a contracting state
  222  which allows Florida ABLE, Inc., to participate under the
  223  design, operation, and rules of the contracting state’s
  224  qualified ABLE program or which allows the contracting state to
  225  participate under the Florida ABLE program.
  226         (h) The Florida ABLE program shall continue in existence
  227  until terminated by law. If the state determines that the
  228  program is financially infeasible, the state may terminate the
  229  program. Upon termination, amounts in the Florida ABLE Program
  230  Trust Fund held for designated beneficiaries shall be returned
  231  in accordance with the participation agreement.
  232         (i) The state pledges to the designated beneficiaries that
  233  the state will not limit or alter their rights under this
  234  section which are vested in the Florida ABLE program until the
  235  program’s obligations are met and discharged. However, this
  236  paragraph does not preclude such limitation or alteration if
  237  adequate provision is made by law for the protection of the
  238  designated beneficiaries pursuant to the obligations of Florida
  239  ABLE, Inc., and does not preclude termination of the Florida
  240  ABLE program if the state determines that the program is not
  241  financially feasible. This pledge and undertaking by the state
  242  may be included in participation agreements.
  243         (5) COMPREHENSIVE INVESTMENT PLAN.—Florida ABLE, Inc.,
  244  shall establish a comprehensive investment plan for the Florida
  245  ABLE program, subject to the approval of the Florida Prepaid
  246  College Board. The comprehensive investment plan must specify
  247  the investment policies to be used by Florida ABLE, Inc., in its
  248  administration of the program. Florida ABLE, Inc., may place
  249  assets of the program in investment products and in such
  250  proportions as may be designated or approved in the
  251  comprehensive investment plan. Such products shall be
  252  underwritten and offered in compliance with the applicable
  253  federal and state laws or regulations or exemptions therefrom. A
  254  designated beneficiary may not direct the investment of any
  255  contributions to the Florida ABLE program, unless specific fund
  256  options are offered by Florida ABLE, Inc. Directors, officers,
  257  and employees of Florida ABLE, Inc., may enter into
  258  participation agreements, notwithstanding their fiduciary
  259  responsibilities or official duties related to the Florida ABLE
  260  program.
  261         (6) EXEMPTION FROM CLAIMS OF CREDITORS.—Moneys paid into or
  262  out of the Florida ABLE Program Trust Fund by or on behalf of a
  263  designated beneficiary are exempt, as provided by s. 222.22,
  264  from all claims of creditors of the designated beneficiary if
  265  the participation agreement has not been terminated. Moneys paid
  266  into the Florida ABLE program and benefits accrued through the
  267  program may not be pledged for the purpose of securing a loan.
  269         (a) Upon the death of the designated beneficiary, the
  270  Agency for Health Care Administration and the Medicaid program
  271  for another state may file a claim with the Florida ABLE program
  272  for the total amount of medical assistance provided for the
  273  designated beneficiary under the Medicaid program, less any
  274  premiums paid by or on behalf of the designated beneficiary to a
  275  Medicaid buy-in program. Funds in the ABLE account of the
  276  deceased designated beneficiary must first be distributed for
  277  qualified disability expenses followed by distributions for the
  278  Medicaid claim authorized under this paragraph. Any remaining
  279  amount shall be distributed as provided in the participation
  280  agreement.
  281         (b)Florida ABLE, Inc., shall assist and cooperate with the
  282  Agency for Health Care Administration and Medicaid programs in
  283  other states by providing the agency and programs with the
  284  information needed to accomplish the purpose and objective of
  285  this subsection.
  286         (8) PAYROLL DEDUCTION AUTHORITY.—The payroll deduction
  287  authority provided under s. 1009.975 applies to the Florida
  288  Prepaid College Board and Florida ABLE, Inc., for purposes of
  289  administering this section.
  290         (9) REPORTS.—
  291         (a) On or before November 1, 2015, Florida ABLE, Inc.,
  292  shall prepare a report on the status of the establishment of the
  293  Florida ABLE program by Florida ABLE, Inc. The report must also
  294  include, if warranted, recommendations for statutory changes to
  295  enhance the effectiveness and efficiency of the program. Florida
  296  ABLE, Inc., shall submit copies of the report to the Governor,
  297  the President of the Senate, and the Speaker of the House of
  298  Representatives.
  299         (b) On or before March 31 of each year, Florida ABLE, Inc.,
  300  shall prepare or cause to be prepared a report setting forth in
  301  appropriate detail an accounting of the Florida ABLE program
  302  which includes a description of the financial condition of the
  303  program at the close of the fiscal year. Florida ABLE, Inc.,
  304  shall submit copies of the report to the Governor, the President
  305  of the Senate, the Speaker of the House of Representatives, and
  306  the minority leaders of the Senate and the House of
  307  Representatives and shall make the report available to each
  308  designated beneficiary. The accounts of the Florida ABLE program
  309  are subject to annual audit by the Auditor General.
  310         (10) RULES.The Florida Prepaid College Board shall adopt
  311  rules to administer this section. Such rules must include, but
  312  are not limited to:
  313         (a) Specifying the procedures by which Florida ABLE, Inc.,
  314  shall be governed and operate, including requirements for the
  315  budget of Florida ABLE, Inc., and conditions with which Florida
  316  ABLE, Inc., must comply to use property, facilities, or personal
  317  services of the Florida Prepaid College Board.
  318         (b) The procedures for determining that an ABLE account has
  319  been abandoned.
  320         (c) Adoption of provisions determined necessary by the
  321  Florida Prepaid College Board for the Florida ABLE program to
  322  retain its status as a qualified ABLE program or the tax-exempt
  323  status or other similar status of the program or its
  324  participants under the Internal Revenue Code. Florida ABLE,
  325  Inc., shall inform participants in the Florida ABLE program of
  326  changes to the tax or securities status of their interests in
  327  the ABLE program and participation agreements.
  328         (11) STATE OUTREACH PARTNERS.—The Agency for Health Care
  329  Administration, the Agency for Persons with Disabilities, the
  330  Department of Children and Families, and the Department of
  331  Education shall assist, cooperate, and coordinate with Florida
  332  ABLE, Inc., in the provision of public information and outreach
  333  for the Florida ABLE program.
  334         (12) REPEAL.—In accordance with s. 20.058, this section is
  335  repealed October 1, 2020, unless reviewed and saved from repeal
  336  by the Legislature.
  337         Section 3. Subsection (5) is added to section 222.22,
  338  Florida Statutes, to read:
  339         222.22 Exemption of assets in qualified tuition programs,
  340  medical savings accounts, Coverdell education savings accounts,
  341  and hurricane savings accounts from legal process.—
  342         (5) Except as provided in s. 1009.986(7), as it relates to
  343  any validly existing qualified ABLE program authorized by s.
  344  529A of the Internal Revenue Code, including, but not limited
  345  to, the Florida ABLE program participation agreements under s.
  346  1009.986, moneys paid into or out of such a program, and the
  347  income and assets of such a program, are not liable to
  348  attachment, levy, garnishment, or legal process in this state in
  349  favor of any creditor of or claimant against any designated
  350  beneficiary or other program participant.
  351         Section 4. Subsections (1) and (4) of section 1009.971,
  352  Florida Statutes, are amended to read:
  353         1009.971 Florida Prepaid College Board.—
  355  Prepaid College Board is hereby created as a body corporate with
  356  all the powers of a body corporate for the purposes delineated
  357  in this section. The board shall administer the prepaid program
  358  and the savings program, and shall perform essential
  359  governmental functions as provided in ss. 1009.97-1009.988 ss.
  360  1009.97-1009.984. For the purposes of s. 6, Art. IV of the State
  361  Constitution, the board shall be assigned to and
  362  administratively housed within the State Board of
  363  Administration, but it shall independently exercise the powers
  364  and duties specified in ss. 1009.97-1009.988 ss. 1009.97
  365  1009.984.
  367  board shall have the powers and duties necessary or proper to
  368  carry out the provisions of ss. 1009.97-1009.988 ss. 1009.97
  369  1009.984, including, but not limited to, the power and duty to:
  370         (a) Appoint an executive director to serve as the chief
  371  administrative and operational officer of the board and to
  372  perform other duties assigned to him or her by the board.
  373         (b) Adopt an official seal and rules.
  374         (c) Sue and be sued.
  375         (d) Make and execute contracts and other necessary
  376  instruments.
  377         (e) Establish agreements or other transactions with
  378  federal, state, and local agencies, including state universities
  379  and Florida College System institutions.
  380         (f) Administer the trust fund in a manner that is
  381  sufficiently actuarially sound to defray the obligations of the
  382  prepaid program and the savings program, considering the
  383  separate purposes and objectives of each program. The board
  384  shall annually evaluate or cause to be evaluated the actuarial
  385  soundness of the prepaid fund. If the board perceives a need for
  386  additional assets in order to preserve actuarial soundness of
  387  the prepaid program, the board may adjust the terms of
  388  subsequent advance payment contracts to ensure such soundness.
  389         (g) Invest funds not required for immediate disbursement.
  390         (h) Appear in its own behalf before boards, commissions, or
  391  other governmental agencies.
  392         (i) Hold, buy, and sell any instruments, obligations,
  393  securities, and property determined appropriate by the board.
  394         (j) Require a reasonable length of state residence for
  395  qualified beneficiaries.
  396         (k) Segregate contributions and payments to the trust fund
  397  into the appropriate fund.
  398         (l) Procure and contract for goods and services, employ
  399  personnel, and engage the services of private consultants,
  400  actuaries, managers, legal counsel, and auditors in a manner
  401  determined to be necessary and appropriate by the board.
  402         (m) Solicit and accept gifts, grants, loans, and other aids
  403  from any source or participate in any other way in any
  404  government program to carry out the purposes of ss. 1009.97
  405  1009.988 ss. 1009.97-1009.984.
  406         (n) Require and collect administrative fees and charges in
  407  connection with any transaction and impose reasonable penalties,
  408  including default, for delinquent payments or for entering into
  409  an advance payment contract or a participation agreement on a
  410  fraudulent basis.
  411         (o) Procure insurance against any loss in connection with
  412  the property, assets, and activities of the trust fund or the
  413  board.
  414         (p) Impose reasonable time limits on use of the benefits
  415  provided by the prepaid program or savings program. However, any
  416  such limitations shall be specified within the advance payment
  417  contract or the participation agreement, respectively.
  418         (q) Delineate the terms and conditions under which payments
  419  may be withdrawn from the trust fund and impose reasonable fees
  420  and charges for such withdrawal. Such terms and conditions shall
  421  be specified within the advance payment contract or the
  422  participation agreement.
  423         (r) Provide for the receipt of contributions in lump sums
  424  or installment payments.
  425         (s) Require that purchasers of advance payment contracts or
  426  benefactors of participation agreements verify, under oath, any
  427  requests for contract conversions, substitutions, transfers,
  428  cancellations, refund requests, or contract changes of any
  429  nature. Verification shall be accomplished as authorized and
  430  provided for in s. 92.525(1)(a).
  431         (t) Delegate responsibility for administration of one or
  432  both of the comprehensive investment plans required in s.
  433  1009.973 to persons the board determines to be qualified. Such
  434  persons shall be compensated by the board.
  435         (u) Endorse insurance coverage written exclusively for the
  436  purpose of protecting advance payment contracts, and
  437  participation agreements, and the purchasers, benefactors, and
  438  beneficiaries thereof, including group life policies and group
  439  disability policies, which are exempt from the provisions of
  440  part V of chapter 627.
  441         (v) Form strategic alliances with public and private
  442  entities to provide benefits to the prepaid program, savings
  443  program, and participants of either or both programs.
  444         (w) Solicit proposals and contract, pursuant to s. 287.057,
  445  for the marketing of the prepaid program or the savings program,
  446  or both together. Any materials produced for the purpose of
  447  marketing the prepaid program or the savings program shall be
  448  submitted to the board for review. No such materials shall be
  449  made available to the public before the materials are approved
  450  by the board. Any educational institution may distribute
  451  marketing materials produced for the prepaid program or the
  452  savings program; however, all such materials shall be approved
  453  by the board prior to distribution. Neither the state nor the
  454  board shall be liable for misrepresentation of the prepaid
  455  program or the savings program by a marketing agent.
  456         (x) Establish other policies, procedures, and criteria to
  457  implement and administer the provisions of ss. 1009.97-1009.988
  458  ss. 1009.97-1009.984.
  459         (y) Adopt procedures to govern contract dispute proceedings
  460  between the board and its vendors.
  461         (z) Amend board contracts to provide Florida ABLE, Inc., or
  462  the Florida ABLE program with contractual services.
  463         Section 5. This act shall take effect upon becoming a law.
  465  ================= T I T L E  A M E N D M E N T ================
  466  And the title is amended as follows:
  467         Delete lines 25 - 68
  468  and insert:
  469         requiring the organization to establish and administer
  470         the Florida ABLE program by a specified date;
  471         specifying requirements that must be met before
  472         implementation of the program; requiring a
  473         participation agreement for the program which contains
  474         specified provisions; authorizing other provisions
  475         that may be included in the agreement; providing for
  476         the amendment of the agreement under certain
  477         circumstances; providing for the use of the balance of
  478         an abandoned ABLE account by the organization;
  479         providing that a contract or participation agreement
  480         entered into by the organization or an obligation of
  481         the organization does not constitute a debt or
  482         obligation of the Florida Prepaid College Board or the
  483         state; authorizing the organization to contract with
  484         other states for specified purposes under certain
  485         circumstances; providing for termination of the
  486         program under certain circumstances and for the
  487         disposition of certain assets upon termination;
  488         prohibiting the state from limiting or altering the
  489         specified vested rights of designated beneficiaries
  490         except under specified circumstances; requiring the
  491         organization to establish a comprehensive investment
  492         plan for the program; exempting funds paid into the
  493         program’s trust fund from the claims of specified
  494         creditors; providing for recovery by Medicaid of
  495         certain medical assistance provided to a deceased
  496         designated beneficiary; providing for the distribution
  497         of the balance of a deceased designated beneficiary’s
  498         ABLE account; requiring the organization to assist and
  499         cooperate with the Agency for Health Care
  500         Administration and Medicaid program in other states by
  501         providing specified information; providing that
  502         specified payroll deduction authority applies to the
  503         Florida Prepaid College Board and the organization for
  504         the purpose of administering the program; requiring
  505         the organization to submit certain reports to
  506         specified entities; requiring the Florida Prepaid
  507         College Board to adopt rules; requiring the Agency for
  508         Health Care Administration, the Agency for Persons
  509         with Disabilities, the Department of Children and
  510         Families, and the Department of Education to assist,
  511         cooperate, and coordinate with the organization in the
  512         provision of public information and outreach for the
  513         program; providing that the section is repealed on a
  514         specified date; amending s. 222.22, F.S.; providing
  515         that specified moneys, assets, and income of a
  516         qualified ABLE program, including the Florida ABLE
  517         program, are not subject to attachment, levy,
  518         garnishment, or certain legal process in favor of
  519         certain creditors or claimants; amending s. 1009.971,
  520         F.S.; conforming provisions to changes made by the
  521         act; authorizing the Florida Prepaid College Board to
  522         amend its contracts to provide the organization or
  523         program with contractual services; providing an
  524         effective date.