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DE HB358
Bill
Status
6/30/2016
Primary Sponsor
Charles Paradee
Click for details
AI Summary
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Consolidates oversight of three separate financial programs (Delaware College Investment Plan, ABLE Program, and Deferred Compensation Plan) under a single "Plans Management Board" effective July 1, 2016.
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Establishes the Plans Management Board with 11 members including 5 ex officio state officials (State Treasurer, Secretary of Finance, Director of OMB, Insurance Commissioner, Secretary of Education), 2 state employee appointments, and 4 public member appointments by the Governor.
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Eliminates the separate Delaware College Investment Board, Achieving a Better Life Experience Board, and Deferred Compensation Council, transferring their powers and duties to the new consolidated board.
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Authorizes the Plans Management Board to implement Delaware's ABLE Program through direct administration, consortium arrangements, or by assisting residents in accessing other states' ABLE programs.
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Transfers current board members' appointments to the new Plans Management Board and designates the current Delaware College Investment Board Chair as the initial chair of the Plans Management Board.
Legislative Description
An Act To Amend Titles 14, 16, And 29 Of The Delaware Code Relating To The Able Program, The Delaware College Investment Plan, And The Deferred Compensation Plan.
Last Action
Signed by Governor
6/30/2016