Lower fees for IL ABLE Account Owners!
Good news for IL ABLE Account Owners! Effective March 1, 2024, the program management fee on IL ABLE Accounts was reduced by 0.02% basis points. This reduction lowered the total annual asset-based fee range from 0.30% – 0.33% to 0.28% – 0.31%.
What does this mean? For illustrative purposes, depending upon the Target Risk Option(s) that an IL ABLE Account may be invested in, an Account will be assessed a lower overall fee of $2.80 to $3.10 per $1,000 invested.
The lower fee is the result of people with disabilities having already saved more than $450 million using ABLE accounts through the National ABLE Alliance, a 19-member bipartisan consortium, that includes states and the District of Columbia, and which represents more than one-quarter of the nation’s ABLE-eligible population.
IL ABLE is a savings and investment plan that makes it possible for people with disabilities and their families to save and invest their money for expenses related to living with a disability. ABLE Accounts can help solve a long-time predicament that many people with disabilities face: how to build financial wellness without risking much-needed federal government benefits.
Visit illinoisable.com to learn about Account eligibility and how an IL ABLE Account may work for you. Read the Plan Disclosure Booklet for full Plan details.