SB 1422 Summary

• Creates the Developmental Disabilities Savings Program to allow families to make advance payments for services for individuals with developmental disabilities who will become ineligible for services due to age.

• Establishes the Developmental Disabilities Savings Program Board as a seven-member body to administer the program, composed of state agency directors, disability advocacy organizations, and three Governor-appointed members with expertise in accounting, actuarial science, risk management, or investment management.

• Defines eligible services as respite care, rehabilitation, transportation, assistive technology, medical/dental care, housing assistance, education-related services, and employment-related services.

• Restricts program implementation until the board obtains a legal opinion that the program does not violate federal securities law and a private letter ruling from the Internal Revenue Service confirming tax-deferred status of contributions and earnings.

• Takes effect July 1, 2011.