CS/HB 339 Summary

• Establishes the Developmental Disabilities Savings Program (C.V. Clay Ford/Gabriela Poole Developmental Disabilities Savings Plan) to allow families to save funds in advance for eligible services for children with developmental disabilities.

• Creates a seven-member Developmental Disabilities Savings Program Board to administer the program, consisting of the Chief Financial Officer, Director of the Office of Financial Regulation, president of The Arc of Florida, chair of the Family Care Council of Florida, and three Governor-appointed members with expertise in accounting, actuarial evaluation, risk management, or investment management.

• Program cannot be implemented until the board obtains a written opinion from qualified federal securities law counsel that the program does not violate securities law and a private letter ruling from the IRS regarding tax deferment on contributions and earnings.

• Eligible services include respite care, rehabilitation services, medical and dental services, housing assistance, education-related services, and employment-related services for individuals with developmental disabilities under age 22.

• The act expires June 30, 2016, and becomes effective July 1, 2013, or upon enactment of the federal ABLE Act (whichever occurs later).