| (a) The comptroller shall notify the governor and legislature
and recommend that the Board not administer such Program or that the
Program be modified or terminated if the comptroller determines that
the Program is not financially feasible.
(b) The Board may adjust the terms of the Program as
necessary to ensure the financial feasibility of the Program, to ensure
compliance with all applicable laws and regulations, or to facilitate
the ability of participants to obtain or maintain federal income tax
benefits or treatment provided by Internal Revenue Code, §529A.
The Board shall promptly provide notification by any written or electronic
communication as authorized and determined by the Board regarding
a change in the terms of the Program affecting participants or designated
beneficiaries. To the extent provided by state or federal law, the
Board may allow up to 60 calendar days from the date of such notice
for participants to exit the Program by withdrawing any available
funds under the then-current terms. If participants do not opt to
exit the Program during the opt-out period, they shall be deemed to
have accepted the new terms and their ABLE accounts shall be subject
to the new terms on the effective date of the change.
(c) If the Program is terminated by the legislature,
any available funds in an ABLE account will be paid, to the extent
possible, to the designated beneficiary or the participant on behalf
of the designated beneficiary, subject to any outstanding fees or
charges due the Program and, if applicable, transfer to state following
the designated beneficiary's death.
(d) In the event that available funds are refunded
by the Program due to termination of the Program, the Program will
provide advance written or electronic notification to the participant
of a pending refund within a reasonable time, but not less than thirty
(30) days, prior to the refund by the Program.
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