California Welfare and Institutions Code

§ 4878

WIC § 4878 Effective Jan 1, 2016Div. 4.5 · Ch. 15

Statute text

(a)The board shall segregate moneys received by the ABLE program trust into two funds, which shall be identified as the program fund and the administrative fund.

(1)Notwithstanding Section 13340 of the Government Code, the program fund is hereby continuously appropriated, without regard to fiscal years, to the ABLE Act Board for the purposes specified in this act.

(2)The moneys in the administrative fund shall be available for the ABLE Act Board, upon appropriation, for administration of the act. Administrative costs shall not exceed 3 percent of the incoming funds for each fiscal year for the first five fiscal years following the opening of the first ABLE Act account. After the five-year period, administrative costs shall not exceed 1 percent of the incoming funds for each fiscal year.

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Legislative history

Added by Stats. 2015, Ch. 774, Sec. 5. (AB 449) Effective January 1, 2016.