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Hawaii Revised Statutes Division 1. Government § 256B-8

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) There is established the Hawaii ABLE savings program trust fund within the state treasury, into which shall be deposited:

(1) Any moneys received from an ABLE savings program manager;

(2) Any moneys received from governmental or private grants;

(3) Any moneys appropriated by the legislature to the program;

(4) Any moneys deposited by contributors in accordance with this chapter that are not deposited directly with the program manager;  and

(5) All interest derived from the deposit and investment of moneys in the trust fund.

(b) All moneys in the trust fund shall be expended by the director to fulfill the purposes of this chapter, including to provide incentive payments to ABLE account owners as a means of encouraging the participation of eligible individuals and families to save funds;  provided that the director shall maintain and keep separate records to account for any incentive program payments.

(c) At the end of any fiscal year, all unexpended and unencumbered moneys in the savings program trust fund shall remain in the savings program trust fund and shall not be credited or transferred to the general fund or any other funds.

(d) All expenses incurred by the director in developing and administering the ABLE savings program shall be payable from the Hawaii ABLE savings program trust fund.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 1. Government § 256B-8 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-1-government/hi-rev-st-sect-256b-8/

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