SB231 Alabama 2020 Session

Summary

Primary Sponsor

Sam GivhanSenator

Republican

Session

Regular Session 2020

Title

Wallace-Folsom Savings Investment Plan Act, ACES Program, name of and name of Admin Fund and savings accounts changed to AL Comprehensive Education Savings Program, definitions clarified, Secs. 16-33C-3, 16-33C-10 am'd.

Summary

SB231 renames the state's education savings programs and clarifies definitions to align with federal law.

What This Bill Does

It changes the program name from ACES to the Alabama Comprehensive Education Savings Program and updates the related Administrative Fund and savings accounts. It updates the statute definitions to mirror federal law (including 529 plans and ABLE programs) and maintains the overall structure for ACES/PACT programs and funds. It becomes effective on the first day of the third month after passage.

Who It Affects

• Contributors and owners of ACES/ABLE savings accounts who may see the program and account names changed in official documents and communications.
• State Treasurer's Office and Savings Board staff who administer the programs and funds and must implement the new names and definitions.

Key Provisions

• Renames the ACES Program to the Alabama Comprehensive Education Savings Program and renames related funds and accounts accordingly.
• Revises and clarifies definitions in Sections 16-33C-3 and 16-33C-10 to reflect federal law (e.g., ABLE, ACES, PACT, SAVINGS AGREEMENT) and ensure consistent use of terms across the program.

AI-generated summary using openai/gpt-5-nano on Feb 23, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Alabama College Edcuation Savings Program