(1) savings individual ‘ABLE account’ or ‘account’ means an savings account established in accordance with the provisions of this article. (2) means the person who enters into an ABLE ‘Account owner’ savings agreement pursuant to the provisions of this article. The account owner also must be the designated beneficiary; however, a trustee or guardian may be appointed as an account owner for a designated beneficiary who is a minor or lacks capacity to enter into an agreement. (3) means a South Carolina resident ‘Designated beneficiary’ whose qualified disability expenses may be paid from the account. The designated beneficiary must be an eligible individual at the time the account is established. The account owner may change the designated beneficiary so long as the new beneficiary is an eligible individual at the time of the change. (4) means an individual who is entitled to ‘Eligible individual’ benefits based on blindness or disability pursuant to 42 U.S.C. Section 401 et seq. or 42 U.S.C. Section 1381, as amended, and the blindness or disability occurred before the date on which the individual attained age twentysix, or an individual with respect to which a disability certification to the satisfaction of the Secretary of the United States Treasury is filed with the Secretary for a taxable year. (5) means an organization authorized to ‘Financial organization’ do business in this State and is: (a) licensed or chartered by the Director of Insurance; (b) licensed or chartered by the State Commissioner of Banking; (c) chartered by an agency of the federal government; or (d) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. (6) means the contract executed by the ‘Management contract’ State Treasurer and a financial organization selected to act as a depository and manager of the program. (7) of the the meaning defined in Section ‘Member family’ has 529A of the federal Internal Revenue Code of 1986, as amended. (8) means a withdrawal from an ‘Nonqualified withdrawal’ account which is not: (a) a qualified withdrawal; or (b) a rollover distribution. (9) means the South Carolina ABLE Savings ‘Program’ Program established pursuant to this article.
(1) ‘ABLE savings account’ or ‘account’ means an individual savings account established in accordance with the provisions of this article. (2) ‘Account owner’ means the person who enters into an ABLE savings agreement pursuant to the provisions of this article. The account owner also must be the designated beneficiary; however, a trustee or guardian may be appointed as an account owner for a designated beneficiary who is a minor or lacks capacity to enter into an agreement. (3) ‘Designated beneficiary’ means a South Carolina resident whose qualified disability expenses may be paid from the account. The designated beneficiary must be an eligible individual at the time the account is established. The account owner may change the designated beneficiary so long as the new beneficiary is an eligible individual at the time of the change. (4) ‘Eligible individual’ means an individual who is entitled to benefits based on blindness or disability pursuant to 42 U.S.C. Section 401 et seq. or 42 U.S.C. Section 1381, as amended, and the blindness or disability occurred before the date on which the individual attained age twentysix, or an individual with respect to which a disability certification to the satisfaction of the Secretary of the United States Treasury is filed with the Secretary for a taxable year. (5) ‘Financial organization’ means an organization authorized to do business in this State and is: (a) licensed or chartered by the Director of Insurance; (b) licensed or chartered by the State Commissioner of Banking; (c) chartered by an agency of the federal government; or (d) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. (6) ‘Management contract’ means the contract executed by the State Treasurer and a financial organization selected to act as a depository and manager of the program. (7) ‘Member of the family’ has the meaning defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. (8) ‘Nonqualified withdrawal’ means a withdrawal from an account which is not: (a) a qualified withdrawal; or (b) a rollover distribution. (9) ‘Program’ means the South Carolina ABLE Savings Program established pursuant to this article.