AI-assisted research summary: This section defines key terms used in the article, including ABLE, account, committee, department, designated beneficiary, eligible individual, financial institution, fund, program, and qualified disability expenses.
46-901 - Definitions 46-901. Definitions In this article, unless the context otherwise requires: 1. "ABLE" means the achieving a better life experience act. 2. "Account" means an individual account in the fund established as prescribed in this article for a single designated beneficiary. 3. "Committee" means the achieving a better life experience act oversight committee. 4. "Department" means the department of economic security. 5. "Designated beneficiary" means the eligible individual who establishes an account and who is the owner of the account. 6. "Eligible individual" means an individual who is entitled to benefits based on blindness or disability under title II or XVI of the social security act, and such blindness or disability occurred before the date on which the individual attained twenty-six years of age or a disability certification with respect to such individual is filed with the United States secretary of the treasury for such taxable year as stipulated in 26 United States Code section 529A. 7. "Financial institution" means any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that is authorized to do business in this state. 8. "Fund" means the ABLE program fund. 9. "Program" means the qualified ABLE program that is established under this article and as defined in 26 United States Code section 529A. 10. "Qualified disability expenses" means any expenses that are related to the eligible individual's blindness or disability and that are for the benefit of an eligible individual who is the designated beneficiary of an account, including education, housing, transportation, employment training and support, assistive technology and personal support services, health care, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring and funeral and burial expenses and any other expenses that are approved by the United States secretary of the treasury as required by 26 United States code section 529A.