N.Y. State Fin. Law § 99-x

§ 99-x. New York achieving a better life experience (NY ABLE) savings\nprogram trust fund. 1. There is hereby established in the sole custody\nof the state comptroller a special fund to be known as the New York\nachieving a better life experience (NY ABLE) savings program trust fund.\nAll payments from such fund shall be made in accordance with article\neighty-four of the mental hygiene law.\n 2. The fund shall be a trust fund and shall consist of a trust account\nand an operating account. The trust account shall include amounts\nreceived by the NY ABLE savings program pursuant to NY ABLE savings\nagreements, administrative charges, fees, and all other amounts received\nby the program from other sources, and interest and investment income\nearned by the trust fund. The comptroller shall, from time to time, make\ntransfers from the trust account to the operating account for the\nimmediate payment of obligations under NY ABLE savings agreements,\noperating expenses and administrative costs of the NY ABLE savings\nprogram. Administrative costs shall be paid out of the operating account\naccording to the terms and conditions established pursuant to the\nprovisions of section 84.05 of the mental hygiene law.\n 3. (a) The comptroller, as trustee, shall invest the assets of the\ntrust fund in investments authorized by article four-A of the retirement\nand social security law, provided however, that: (i) the provisions of\nparagraph (a) of subdivision two of section one hundred seventy-seven of\nthe retirement and social security law shall not apply except for the\nfirst clause of subparagraph (ii) of such paragraph; and (ii)\nnotwithstanding the provisions of subdivision seven of section one\nhundred seventy-seven of the retirement and social security law or any\nother law to the contrary, the assets of the trust fund may be invested\nin any funding agreement issued in accordance with section three\nthousand two hundred twenty-two of the insurance law by a domestic life\ninsurance company or a foreign life insurance company doing business in\nthis state, subject to the following: (1) such a funding agreement may\nprovide for a guaranteed minimum rate of return; (2) such a funding\nagreement may be allocated as either a separate account or a general\naccount of the issuer, as the comptroller may decide; (3) total\ninvestments of the trust fund pursuant to this paragraph in any funding\nagreements issued by a single life insurance company which are allocated\nas a general account of the issuer shall not, in the aggregate, exceed\nthree hundred fifty million dollars; and (4) no assets of the trust fund\nshall be invested in any such funding agreement unless, at the time of\nsuch investment, the general obligations or financial strength of the\nissuer have received either the highest or second highest rating by two\nnationally recognized rating services or by one nationally recognized\nrating service in the event that only one such service rates such\nobligations.\n (b) Trust fund assets shall be kept separate and shall not be\ncommingled with other assets, except as provided herein. The comptroller\nmay enter into contracts to provide for investment advice and\nmanagement, custodial services, and other professional services for the\nadministration and investment of the program. Administrative fees, costs\nand expenses, including investment fees and expenses, shall be paid from\nthe assets of the fund.\n 4. The comptroller shall provide for the administration of the trust\nfund, including maintaining participant records and accounts, and\nproviding annual audited reports. The comptroller may enter into\ncontracts to provide administrative services and reporting.\n