(a) This chapter shall be administered by the Achieving a Better Life Experience Program Committee, which shall be composed of:
(1) The Director of the Department of Human Services, or his or her designee;
(2) The Director of Arkansas Rehabilitation Services of the Department of Career Education and Workforce Development, or his or her designee; and
(3) The Treasurer of State, or his or her designee.
(b) The Treasurer of State shall provide office space, staff, and materials for the committee.
(c) The committee shall adopt rules necessary to administer this chapter and to ensure compliance with the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295 and federal regulations under the act.
(d) The committee shall:
(1) Establish, develop, implement, and maintain the Achieving a Better Life Experience Program in a manner consistent with this chapter and the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, and obtain the benefits provided by the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, for the program, account owners, and designated beneficiaries;
(2) Adopt rules for the general administration of the program;
(3) Maintain, invest, and reinvest the funds contributed into the program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under ยง 24-2-611; and
(4) (A) Make and enter into contracts, agreements, or arrangements and retain, employ, and contract for the services of financial institutions, depositories, consultants, broker-dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter.
(B) Contracts entered into by the committee may be for a term of one to ten (1-10) years.
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