HB3811 Summary

• Amends the State Treasurer Act to expand the definition of "nonqualified withdrawal" from College Savings Pool accounts to include rollovers to Roth IRA accounts, permitted under Section 529 of the Internal Revenue Code.

• Adds the ability to rollover College Savings Pool funds into ABLE accounts and Roth IRA accounts as qualified distributions, subject to Internal Revenue Code limits.

• Permits both individuals and entities to make contributions to ABLE accounts and clarifies that designated beneficiaries and designated representatives may participate in managing accounts.

• Designates the ABLE Account Program as the "Senator Scott Bennett ABLE Program" and expands privacy protections to include designated representative information in confidential records.

• Updates ABLE account provisions to allow entities (in addition to persons) to establish accounts and make contributions on behalf of eligible individuals with disabilities.