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Minutes for HB2490 - Committee on Financial Institutions and Insurance
Short Title
Authorizing the state treasurer to determine account owners and designated beneficiaries for an ABLE savings account, adding who may open such an account and requiring compliance with the federal internal revenue code.
Minutes Content for Wed, Mar 2, 2022
Chairperson Longbine opened the hearing on HB2490.
Eileen Ma, Assistant Revisor, Kansas Office of Revisor of Statutes (ROS) presented the Revisor's Memorandum brief of the bill. (Attachment 1)
Oral Proponent Testimony:
State Treasurer Lynn Rogers and John Fields, Staff Attorney for the Treasurer's office testified virtually via Webex. Treasurer Rogers told members that this bill will give more flexibility to qualified individuals to manage their money and plan for future needs. It also removes the age-related eligibility requirement. Treasurer Rogers said the only difference between HB2490 and SB329 is the effective date being upon the publication in the statute book or upon publication in the register. Mr. Fields elaborated that either date would be fine with the Treasurer's office. (Attachment 2)
Meghan Shreve, Director of Education and Communications, Interhab, provided support for the bill. She commented that this bill will bring Kansas law into conformity with the federal law regarding the Kansas Achieving a Better Life Experience (ABLE) accounts. (Attachment 3)
Chairperson Longbine asked if there were any questions or comments for the proponents. There were none. He called attention to the written-only proponent testimony of:
Sean Gatewood, KanCare Advocates Network (KAN) (Attachment 4)
Barb Helm, Executive Director, Arcare, Overland Park, Kansas (Attachment 5)
Kristi Morris, Quality Coordinator, SE Kansas, MOSAIC (Attachment 6)
The Chairperson asked if there were any other proponent, opponent, or neutral testimony to be submitted. There being none, he closed the hearing on HB2490.
