In addition to the powers granted by any other provision of this chapter, the Savings Board and PACT board shall have, as agents of the State of Alabama, the powers necessary or convenient to carry out the purposes and provisions of this chapter, to develop and implement the ABLE Program, ACES Program and the PACT Program, and the powers delegated by any other law of the state or any executive order thereof including, but not limited to, the following express powers:
(1) To adopt and amend bylaws.
(2) To adopt the rules and regulations necessary to implement the provisions of this chapter either with or without compliance with the state Administrative Procedure Act.
(3) To invest as they deem appropriate any funds in the plan in any instrument, obligation, security, or property that constitutes legal investments for public funds in the state, including legal investments for the State Treasurer and the Alabama Trust Fund, and to name and use depositories for its investments and holdings.
(4) To contract with a purchaser under the PACT Program.
(5) To enter into savings agreements under the ABLE Program and ACES Program.
(6) To enter into and execute contracts and other instruments for necessary goods and services, to employ necessary personnel, and to engage the services of qualified persons and entities for administrative and technical assistance in carrying out the responsibilities of the plan, under terms and conditions that the PACT board or Savings Board deems reasonable and appropriate. All such contracts awarded by the PACT board or Savings Board may be for periods not exceeding five years, except that professional services contracts awarded by the Savings Board may be for periods not exceeding ten years.
(7) To contract with other states to participate under the rules of another state's qualified ABLE Program or to authorize the participation of a contracting state in the Alabama ABLE Program.
(8) To apply for, accept, and expend gifts, grants, or donations from public or private sources to enable it to carry out its objectives and the purposes of this chapter.
(9) To define the terms and conditions of and enter into PACT contracts and savings agreements.
(10) To delegate to the State Treasurer the responsibilities of the day-to-day administration of the plan.
(11) To establish other policies, procedures, and criteria necessary to implement and administer the provisions of this chapter.
(12) To authorize the State Treasurer to approve marketing material produced for the plan. Neither the state, the State Treasurer, the PACT board, nor the Savings Board is liable for misrepresentation by a marketing agent.
Last modified: May 3, 2021