House Bill No. by Representative Carver seeks to improve the administration of Louisiana's ABLE, START, and START K12 savings account programs by authorizing the Louisiana Tuition Trust Authority (LATTA) to contract with a program manager for the management and investment of account funds. The bill includes provisions for the transfer of certain funds from the Louisiana Education Tuition and Savings Fund to the program manager and requires LATTA to notify legislative leaders and the state treasurer upon executing the contract. A significant amendment establishes a new chapter (Chapter 22-C) that governs these savings accounts, ensuring compliance with federal regulations.

The bill specifies that starting on December 31, 2026, or upon the execution of a contract with a program manager, all ABLE accounts will be administered by the program manager. It also clarifies LATTA's powers to enter into contracts for managing education savings accounts and outlines the program manager's responsibilities, including providing various investment options and annual statements to account holders. The proposed changes aim to streamline the management of these savings programs while enhancing the investment opportunities available to account holders.

Statutes affected:
HB749 Original: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)