What you need to know
On November 20, 2022, the IL ABLE Plan will roll out Plan changes to conform to the Internal Revenue Service’s rules for ABLE programs. Here are some important things you need to know:
Updated Plan Disclosure Booklet
The Plan Disclosure Booklet (“PDB”) is a “must read” as you prepare to open an IL ABLE Account. The PDB will provide you with an in depth understanding of how IL ABLE Accounts work. And we’ve made the PDB easier to read with an “ABLE at A Glance” section and more helpful “Key Terms”. Key Terms are words and phrases that you will find in Uppercase throughout the PDB and all of the forms and instructions. When you see a word or phrase in uppercase, for example – Eligible Individual – you’ll know it’s a Key Term and you can find its meaning in the Key Terms section of the PDB.
What will you see when you visit illinoisable.com?
The IL ABLE website has been enhanced to provide you with easy access to new and updated information about IL ABLE Accounts. Remember to visit the Plan Disclosure Booklet after you visit the website for more detailed information.
Expanded List of Those Who May Open an IL ABLE Account as an Authorized Individual
Authorized Individuals play an important role in making IL ABLE Accounts available for Eligible Individuals who do not have legal capacity to open and manage the Accounts on their own behalf.
Starting November 20, for eligible minors or adults who do not have Legal Capacity, the list of possible Authorized Individuals will expand to include (in order of priority):
- Agent under power of attorney (person or entity)
- Guardian or Conservator (person or entity)
- Spouse
- Parent
- Sibling
- Grandparent
- Representative payee appointed by the Social Security Administration (person or entity)
Visit illinoisable.com or the PDB for information about opening an IL ABLE Account as an Authorized Individual.
Will Documentation Still Be Required to be Submitted with the Enrollment Form?
Starting November 20, Account Owners and Authorized individuals will not be required to submit documentation to open an Account, with one exception: If you are an Authorized Individual (person or entity) who opens and Account for an adult with Legal Capacity, you must submit a copy of an executed and notarized durable power of attorney.
What Impact do the Changes Have for Existing Account Owners and Authorized Individuals?
Beginning November 20, existing IL ABLE Accounts will remain open and usable for those who have signatory authority over the Account but with a few changes. Here’s the breakdown:
- If you are an Authorized Individual or Co-Authorized Individual on an existing IL ABLE Account, you will both be designated as Authorized Individuals and continue to have signature authority on the Account.
- If you, or the entity you represent, currently serve(s) as Level 4 Authorized Agent under a power of attorney for an adult Account Owner who has Legal Capacity, you will be designated as an Authorized Individual. You will still have authority to manage the account. None of your account permissions will change.
- If you, or the entity you represent, currently serve(s) as Level 4 Authorized Agent because you were appointed by an Authorized Individual on the Account, you should have received a notice from IL ABLE with a Certification Form that must be completed and returned to the Plan before you can continue to act on the Account. The Account will remain open.
- If you, or the entity you represent, currently has Authorized Agent Level 1, 2 or 3 access to an Account, you will be redesignated as an Interested Party on the Account. The Account will remain open and you will continue to be able to obtain information about the Account by phone and receive duplicate Account statements from IL ABLE.
Questions?
If you have any questions about these changes and your Account, please call Customer Service, MONDAY – FRIDAY, 8AM TO 5PM AT 1-888-609-8683 or by email at il.clientservice@savewithable.com.
You can also submit questions to able@illinoistreasurer.gov. We will do our best to answer them in future issues of accessABLE News & Updates.
For more information about IL ABLE, visit illinoisable.com.