ABLE Program Now Live in Illinois

Illinois State Treasurer Michael Frerichs recently announced a new investment program for Illinois. The ABLE program was launched this week, and is a federal y tax-advantaged savings program for individuals with disabilities. The program is part of a group effort, bringing together 14 states in a partnership with the National Achieving a Better Life Experience (ABLE) Alliance, allowing individuals with disabilities to save money, without hurting their federal disability benefits.

ABLE is similar to 529 College Savings programs, in that it allows families to set aside money for future expenses, invest funds in professionally designed savings accounts, and avoid tax penalties on the fund.

The federal ABLE law was passed in 2014, after which the Illinois General Assembly approved Senate Bill 1383, to authorize the Treasurer’s Office to create the Illinois ABLE Account Program. Representative Bob Pritchard was a chief co-sponsor of this measure, which passed unanimously in both the House and the Senate and was later signed into law by Governor Rauner in 2015.

Read more on the Illinois ABLE Program here.

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