SB189 Alabama 2018 Session

Updated Feb 26, 2026

Low Interest

Summary

Primary Sponsor: Dick Brewbaker
Republican
Session: Regular Session 2018
Title: Wallace-Folsom Savings Investment Plan, certain contributions to savings accounts by guardians and conservators, authorized, Secs. 16-33C-1, 16-33C-3, 16-33C-10,16-33C-25 am'd.
Summary: The bill lets guardians or conservators contribute to ABLE or ACES savings accounts for a designated beneficiary and updates Alabama law to align with IRS Section 529 changes.
What This Bill Does
It authorizes guardians or conservators to contribute to an ABLE or ACES savings account for a designated beneficiary and to continue investing in those accounts. It updates the governing code sections to reflect these authorizations and to conform with recent amendments to Section 529 of the Internal Revenue Code. It clarifies the programs, funding, and administration related to ABLE and ACES, ensuring contributions are permitted for all state-law purposes.

Who It Affects
Guardians or conservators of designated beneficiaries, who gain authority to contribute to ABLE/ACES accounts and manage investments on the beneficiary's behalf
Designated beneficiaries (and their families) who have ABLE or ACES accounts, who benefit from expanded saving options and continued investment under state law

Key Provisions
Authorization for guardians or conservators to contribute to ABLE or ACES savings accounts for a designated beneficiary and to maintain investments on the beneficiary's behalf
Conformity of Alabama code sections to recent amendments to Section 529 of the IRS Code, including program definitions and governance, and explicit statement that contributions/investments by guardians/conservators are permitted under state law

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Education