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Board approves ABLE rule change to permit court-ordered transfers of account ownership
Summary
The Louisiana Tuition Trust Authority amended ABLE program rules to allow transfer of account ownership when a court orders it; the change was approved on the consent agenda and staff noted interest-rate language will be inserted per the treasurer.
The Louisiana Tuition Trust Authority (a body that includes Board of Regents members, the state treasurer and other statewide representatives) approved a consent-agenda rule change to the state's ABLE (Achieving a Better Life Experience) program to permit transfer of ownership of an ABLE account when a court issues an order requiring transfer.
The change clarifies that previously transfers were permitted at the account owner's death (via successor owners at account opening) but did not explicitly allow transfers arising from divorce, separation of property or other court decisions. Commissioner (unidentified) explained the amendment aligns the program rules with court-authorized transfers that staff have encountered in recent years.
Staff also told the authority it must add the annual interest rates set by the state treasurer to the ABLE rules as required; the authority does not set those rates. The ABLE rule amendment was presented as a single consent-agenda item and approved as part of the consent agenda by voice vote.
The rule change is administrative: it adjusts program eligibility and operations but does not change who establishes interest rates for ABLE accounts. The authority did not identify any statutory change associated with the rule; staff described the item as rulemaking to reflect court-ordered ownership transfers.
The authority moved on after approving the consent agenda; no separate public comment or detailed debate on the ABLE amendment was recorded.
