§722.530. Administrative Expenses

a)         The administrative expenses of the ABLE Program may be paid from the Administrative Fund.

 

b)         Administrative expenses may be paid from fees established pursuant to Section 340. The fees may be deducted from the principal and earnings of each account. Administrative expenses will be allocated among the ABLE Program's underlying investment portfolios to cover the costs of administration, recordkeeping, and investment management, and payments to third parties.  These administrative fees, costs, and expenses may be imposed on accounts.

 

c)         Subject to appropriation, the State Treasurer may pay administrative costs associated with the creation and management of the plan until sufficient assets are available in the Administrative Fund for that purpose. [15 ILCS 505/16.6(g)]

 

d)         The Treasurer may permit a third party service provider to provide compensation to participating financial institutions or other financial services providers that promote the ABLE Program to their customers.

 

(Source:  Amended at 45 Ill. Reg. 4133, effective March 12, 2021)