HB469 Alabama 2021 Session

Summary

Primary Sponsor

Andy WhittRepresentative

Republican

Session

Regular Session 2021

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

HB469 would rename the ACES program and related funds to the Alabama Comprehensive Education Savings Program and align key definitions with federal law.

What This Bill Does

If enacted, the bill changes the names of the ACES program, the ACES Administrative Fund, and ACES savings accounts to reflect the Alabama Comprehensive Education Savings Program and its related funds. It updates definitions to align with federal law (Section 529 and ABLE programs) and clarifies how the program components (trust funds, administrative funds, and opportunity funds) operate, including administration and carry-forward of funds. The ACES program may be marketed under a different name, and the basic program structure remains in place with governance by the Savings Board.

Who It Affects

• State Treasurer's Office personnel and the ACES program administration (changes to fund names, definitions, and administration rules).
• Contributors and designated beneficiaries of ACES/ABLE savings accounts (definitions and program mechanics aligned with federal law).
• Savings Board and PACT program governance (references to funds and program structure remain, with renamed components).

Key Provisions

• Rename the ACES Program, ACES Administrative Fund, and ACES savings accounts to the Alabama Comprehensive Education Savings Program, Administrative Fund, and savings accounts within the State Treasurer's office.
• Amend definitions in §16-33C-3 to reflect new names and align meanings with federal law (including references to ABLE, ACES, PACT, and Section 529 of the Internal Revenue Code).
• Define the program structure and funds (ACES Trust Fund, ACES Administrative Fund, ACES Opportunity Enhancement Fund) and specify administration, investment, and carry-forward rules for the Administrative Fund.
• Allow the ACES Program to be marketed under a different name and set the effective date as the first day of the third month after passage and Governor approval.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

College Education Savings Program