Page 214

All other exempt resources that are commingled in an account with other nonexempt funds shall remain exempt for six months from the date they are commingled. After the six months all funds in the commingled account must be counted as a resource. 2615.10.25 COLLEGE SAVINGS ACCOUNTS

College Savings Accounts, such as 529 College Savings Plans, are exempt as resources. 2615.10.30 COVERDELL EDUCATIONAL ACCOUNTS

Coverdell Educational Accounts are exempt as resources. 2615.10.35 ABLE ACCOUNTS

ABLE (Achieving a Better Life Experience) accounts, tax-favored savings accounts established to provide secure funding for disability related expenses on behalf of designated beneficiaries deemed disabled before age 26, are exempt as resources. 2615.15.00 RETIREMENT ACCOUNTS

Retirement accounts are financial plans for providing income when employment ends. They may be in the form of Individual Retirement Accounts (IRAs), Keogh Plans, 401K Plans, pensions, annuities, and work-related plans. Also, some profit-sharing plans may qualify as retirement accounts. Savings accounts, checking accounts and certificates of deposits held at banks or credit unions are not retirement accounts. 2615.15.05 RETIREMENT ACCOUNTS (S)

Retirement accounts with tax-preferred status are exempt as resources for SNAP. Other retirement accounts (such as through a financial institution) should be evaluated for availability. Once the account is available for withdrawal, the account is considered as a resource unless otherwise exempt.

The following types of retirement accounts are excluded from consideration as resources regardless of availability (as of Oct. 1, 2008):

IRS Code Plan What is it? Section 401 Traditional Defined- Benefit Plan Employer-based retirement plan that promises retirees a certain benefit upon retirement, regardless investment performance. Section 401(a) Cash Balance Plan Employer-based “hybrid” plan that combines features