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20-3-105. Achieving a Better Life Experience Program Committee — Administration — Authority — Powers.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-3-105. Achieving a Better Life Experience Program Committee — Administration — Authority — Powers.
(a) This chapter shall be administered by the Achieving a Better Life Experience Program Committee, which shall be composed of:
(1) The Secretary of the Department of Human Services, or his or her designee;
(2) The Director of Arkansas Rehabilitation Services, or his or her designee; and
(3) The Treasurer of State, or his or her designee.
(b) The Treasurer of State shall:
(1) Manage the Achieving a Better Life Experience Program Trust under § 20-3-104 for the committee;
(2) Provide office space, staff, and materials for the committee;
(3) Perform other services necessary to implement this chapter; and
(4) Conduct outreach and engage in financial educational activities with individuals with disabilities, stakeholders within the community of individuals with disabilities, and their support system.
(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 Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(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 an 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 an Achieving a Better Life Experience program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, for the Achieving a Better Life Experience Program, account owners, and designated beneficiar
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-3-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:20-3-105
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6f993ab4c6b21559f6da191bdd76e4cafb47e59f0f7adb41cc3a70c55204defa
Source location: content.xml paragraph 207
Stored source content
20-3-105. Achieving a Better Life Experience Program Committee — Administration — Authority — Powers.
(a) This chapter shall be administered by the Achieving a Better Life Experience Program Committee, which shall be composed of:
(1) The Secretary of the Department of Human Services, or his or her designee;
(2) The Director of Arkansas Rehabilitation Services, or his or her designee; and
(3) The Treasurer of State, or his or her designee.
(b) The Treasurer of State shall:
(1) Manage the Achieving a Better Life Experience Program Trust under § 20-3-104 for the committee;
(2) Provide office space, staff, and materials for the committee;
(3) Perform other services necessary to implement this chapter; and
(4) Conduct outreach and engage in financial educational activities with individuals with disabilities, stakeholders within the community of individuals with disabilities, and their support system.
(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 Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(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 an 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 an Achieving a Better Life Experience program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, for the Achieving a Better Life Experience Program, account owners, and designated beneficiaries;
(2) Adopt rules for the general administration of the Achieving a Better Life Experience Program;
(3) Maintain, invest, and reinvest the funds contributed into the Achieving a Better Life Experience Program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under § 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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Arkansas Code — all titles (historical 2020) · legal_authorities
20-3-104. Creation of Achieving a Better Life Experience Program Trust.
(a) The Achieving a Better Life Experience Program Trust is created.
(b) The cotrustees of the trust shall be the Secretary of the Department of Human Services, the Director of Arkansas Rehabilitation Services, and the Treasurer of State.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-3-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 20-3-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-611. Standard of care — Portfolio strategy — Risk and return objectives.
(a) Trustees shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustees shall exercise reasonable care, skill, and caution.
(b) The trustees' investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.
(c) Among circumstances that trustees shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries:
(1) General economic conditions;
(2) The possible effect of inflation or deflation;
(3) The expected tax consequences of investment decisions or strategies;
(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;
(5) The expected total return from income and the appreciation of capital;
(6) Other resources of the beneficiaries;
(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and
(8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.
(d) Trustees shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.
(e) Trustees may invest in any kind of property or type of investment consistent with the standards of this sub
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-611
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-2-611. This identifies an authority to review, not proof of applicability.