2016 New York Laws
STF - State Finance
Article 6 - (State Finance) FUNDS OF THE STATE
99-X - New York achieving a better life experience (NY ABLE) savings program trust fund.

  99-x. New York achieving a better life experience (NY ABLE) savings
  program trust fund. 1. There is hereby established in the  sole  custody
  of  the  state  comptroller  a  special fund to be known as the New York
  achieving a better life experience (NY ABLE) savings program trust fund.
  All payments from such fund shall be made  in  accordance  with  article
  eighty-four of the mental hygiene law.
2. The fund shall be a trust fund and shall consist of a trust account
  and  an  operating  account.  The  trust  account  shall include amounts
  received by the NY ABLE savings program  pursuant  to  NY  ABLE  savings
  agreements, administrative charges, fees, and all other amounts received
  by  the  program  from other sources, and interest and investment income
  earned by the trust fund. The comptroller shall, from time to time, make
  transfers from the trust  account  to  the  operating  account  for  the
  immediate  payment  of  obligations  under  NY  ABLE savings agreements,
  operating expenses and administrative  costs  of  the  NY  ABLE  savings
  program. Administrative costs shall be paid out of the operating account
  according  to  the  terms  and  conditions  established  pursuant to the
  provisions of section 84.05 of the mental hygiene law.
3. (a) The comptroller, as trustee, shall invest  the  assets  of  the
  trust fund in investments authorized by article four-A of the retirement
  and  social  security law, provided however, that: (i) the provisions of
  paragraph (a) of subdivision two of section one hundred seventy-seven of
  the retirement and social security law shall not apply  except  for  the
  first   clause   of  subparagraph  (ii)  of  such  paragraph;  and  (ii)
  notwithstanding the provisions  of  subdivision  seven  of  section  one
  hundred  seventy-seven  of the retirement and social security law or any
  other law to the contrary, the assets of the trust fund may be  invested
  in  any  funding  agreement  issued  in  accordance  with  section three
  thousand two hundred twenty-two of the insurance law by a domestic  life
  insurance  company or a foreign life insurance company doing business in
  this state, subject to the following: (1) such a funding  agreement  may
  provide  for  a  guaranteed  minimum  rate of return; (2) such a funding
  agreement may be allocated as either a separate  account  or  a  general
  account  of  the  issuer,  as  the  comptroller  may  decide;  (3) total
  investments of the trust fund pursuant to this paragraph in any  funding
  agreements issued by a single life insurance company which are allocated
  as  a  general account of the issuer shall not, in the aggregate, exceed
  three hundred fifty million dollars; and (4) no assets of the trust fund
  shall be invested in any such funding agreement unless, at the  time  of
  such  investment,  the  general obligations or financial strength of the
  issuer have received either the highest or second highest rating by  two
  nationally  recognized  rating  services or by one nationally recognized
  rating service in the event  that  only  one  such  service  rates  such
  obligations.
(b)  Trust  fund  assets  shall  be  kept  separate  and  shall not be
  commingled with other assets, except as provided herein. The comptroller
  may  enter  into  contracts  to  provide  for  investment   advice   and
  management,  custodial services, and other professional services for the
  administration and investment of the program. Administrative fees, costs
  and expenses, including investment fees and expenses, shall be paid from
  the assets of the fund.
4. The comptroller shall provide for the administration of  the  trust
  fund,  including  maintaining  participant  records  and  accounts,  and
  providing  annual  audited  reports.  The  comptroller  may  enter  into
  contracts to provide administrative services and reporting.