Read Treasurer Frerichs’ remarks upon accepting the ICED Award on behalf of the Office and IL ABLE.
“It is an honor for the Treasurer’s Office to be awarded Outstanding State Agency of the Year by the Interagency Committee on Employees with Disabilities – or I. C. E. D.
A goal of the ICED is to promote and expand access to opportunity for State of Illinois employees who have disabilities. Through the Achieving a Better Life Experience, ABLE Program, we have also prioritized expanding access through our work with state employees, retirees, and the greater state disability community. Illinois ABLE is one of the programs in my office of which I am especially proud because we built it for people who have disabilities and their families to improve quality of life and build independence. Illinois ABLE accounts are savings and investment accounts that people with disabilities can open to save their own money and preserve federal benefits such as SSI and Medicaid. Funds in an Illinois ABLE account grow tax-free and can be used to pay for the expenses that come with living with a disability – things such as therapy, buying an accessible car, training, education, and even daily living expenses.
Even during the COVID-19 pandemic, people with disabilities and their families have been opening and contributing to their Illinois ABLE accounts. As of the end of last month 2,700 accounts are open by people with disabilities across Illinois with $25 million in savings. My staff and I have worked hard to make IL ABLE stronger each year since we launched the program in 2017. First, I championed successful legislation to provide state income tax deductions for Illinois taxpayers who make contributions to any Illinois ABLE account. We then helped incentivize employment by increasing the annual dollar amount that working people with disabilities can contribute to their IL ABLE accounts. And this year the Illinois ABLE Asset Protection Act became law. The law allows assets in an IL ABLE account to be transferred to another ABLE-eligible individual upon the death of an Account Owner thereby avoiding probate costs, probate creditors and Medicaid recovery, sometimes referred to as “claw back”. Finally, my office leads the way by providing a high-quality, low-cost ABLE program to people with disabilities.
Illinois is the leader of the 18-member National ABLE Alliance that represents one-quarter of the nation’s ABLE-eligible disability population. The bipartisan coalition collaborates to provide a flexible, best-in-class ABLE program to people with disabilities across the nation. That means increased financial security and improved quality of life. In closing, I would again like to thank ICED for recognizing the Office of the Illinois State Treasurer for being the Outstanding State Agency of the Year. We will continue to strive for excellence and remain deeply committed to the State of Illinois, our IL ABLE program, and people with disabilities.”
Illinois Treasurer Michael W. Frerichs
It’s National Disability Employment Awareness Month!
Open an IL ABLE account to save and invest your paycheck.
This month, IL ABLE celebrates people with disabilities whose paid work helps keep the nation’s economy strong. This year’s theme is “America’s Recovery: Powered by Inclusion.” IL ABLE makes it possible for those with disabilities who work to save and invest the money they earn.
If you are working, you can start by saving and investing your paycheck. Open an IL ABLE account any day or time. Just visit the IL ABLE website www.llinoisable.com. The website explains who is eligible, helps you figure out what type of investor you are, provides details about the checking account and investment options, and has a button to begin your enrollment. , Enroll here. You can also find an enrollment application that you can download, print, and submit by mail if you prefer. Don’t wait! Start saving your paycheck now.
You can set up a direct deposit of your paycheck into your IL ABLE account. If you receive SSI, an automatic direct deposit of your paycheck will build your ABLE savings and help protect against going over the $2,000 asset cap in your other accounts.
Learn how ABLE to Work can help you increase your IL ABLE account and how a payroll direct deposit makes it easy.
ABLE to Work allows those who work to save and invest more in their IL ABLE.
ABLE to Work allows you to contribute even more to your IL ABLE account each year if you are working.
ABLE Account Owners who earn income may contribute additional funds beyond the annual $15,000 contribution limit. The additional annual contribution amount is equal to the U.S. Department of Health and Human Services (HHS) Poverty Guidelines amount for a one-person household (in your state of residence) or the Account Owner’s gross wages, whichever is less.
Working Account Owners are not eligible to contribute additional funds if they are already contributing to their retirement through:
- A defined contribution plan
- An annuity contract
- An eligible deferred compensation plan
Working Account Owners may take advantage of ABLE to Work whether they are working part-time or full-time. Account Owners should keep adequate records to ensure the limit is not exceeded. Any increase in contributions could impact tax obligation. Consult a tax advisor before making any such increase.
Remember, you can setup a payroll direct deposit which makes saving and investing your paycheck quick and easy. Download the payroll direct deposit form now, click here Payroll Direct Deposit Form.
Find quick answers to your ABLE questions with IL ABLE FAQs
Enroll in IL ABLE at illinoisable.com