Section 209.600

Title XII PUBLIC HEALTH AND WELFARE

Chapter 209

Effective - 28 Aug 2016, 2 histories   

  209.600.  Definitions. — As used in sections 209.600 to 209.645, except where the context clearly requires another interpretation, the following terms mean:

  (1)  "ABLE account", the same meaning as in 26 U.S.C. 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 209.605;

  (4)  "Designated beneficiary", the same meaning as in 26 U.S.C. Section 529A of the Internal Revenue Code;

  (5)  "Eligible individual", the same meaning as in 26 U.S.C. 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 209.600 to 209.645;

  (9)  "Participant", a person who has entered into a participation agreement pursuant to sections 209.600 to 209.645 for the advance payment of qualified disability expenses on behalf of a designated beneficiary.  Unless otherwise permitted under 26 U.S.C. 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 26 U.S.C. 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 209.600 to 209.645; and

  (11)  "Qualified disability expenses", the same meaning as in 26 U.S.C. Section 529A of the Internal Revenue Code.

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(L. 2015 S.B. 174 § 166.600, A.L. 2016 H.B. 2125)