SB189 Summary

• Authorizes guardians and conservators of designated beneficiaries to contribute to and invest in ACES Program and ABLE Program savings accounts on behalf of those beneficiaries.

• Amends Sections 16-33C-1, 16-33C-3, 16-33C-10, and 16-33C-25 of the Alabama Code to clarify that contributions and continued investments by guardians/conservators are permitted for all purposes under state law.

• Conforms Alabama code sections to recent amendments made to Section 529 of the Internal Revenue Code regarding qualified education and disability savings programs.

• The Wallace-Folsom Savings Investment Plan consists of three programs: the ABLE Program (for qualified disability expenses), ACES Program (for higher education expenses), and PACT Program (prepaid college tuition).

• Becomes effective immediately upon passage and approval by the Governor or otherwise becoming law.