MN SF39

Establishes the Minnesota ABLE plan, a savings account program for individuals with disabilities to pay for qualified disability-related expenses while supplementing (not replacing) other benefits and insurance.

Designated beneficiaries must be Minnesota residents or residents of states with reciprocal agreements; only one ABLE account permitted per beneficiary with annual contribution limits and maximum account balance restrictions.

Commissioner of Human Services administers the plan with assistance from the State Board of Investment; plan administrator handles daily operations including marketing, record keeping, and investment management.

State Board of Investment manages account investments through permitted options including open-ended investment company funds; annual fees imposed on account owners to recover administration and investment costs.

Qualified distributions may be made directly to service providers, via checks payable to beneficiary and provider, or directly to beneficiary for already-paid expenses; account data classified as private or nonpublic and subject to data-sharing restrictions.