Is Your Corporate Disability Employee Resource Group Ready?
If the company you work for has a disability business or employee resource group, members should know about the coming ABLE eligibility expansion. That’s because many employees acquired a disability before age 46 (not before age 26, the current eligibility criteria) and they may soon be eligible to open a tax-advantaged ABLE account.
The IL ABLE team shared ABLE information with hundreds of corporate representatives and employees recently at Disability:IN Chicagoland’s Disability Inclusion Opportunity Summit in October. The event was hosted by McDonald’s.
ABLE Accounts help eligible people with disabilities save money for a wide range of expenses, tax-advantaged, to help to build and maintain quality of life, health, or independence. An ABLE account can complement an employee with disabilities’ retirement account with even more flexibility – ABLE accounts are self-directed and assets can be used when needed – no waiting for retirement. Employed account owners may in some cases be able to contribute more each year to their ABLE account. And Illinois taxpayers who contribute to an IL ABLE Account may take a state income tax deduction – up to $10,000 for individual filers, up to $20,000 for joint filers.
Would your company or your corporate disability ERG members benefit from a webinar on ABLE accounts? Email able@illinoistreasurer.gov and we will help you arrange it.
Or you can register for: “Get Ready to Open an IL ABLE Account” webinar on December 9 at Noon.
Disability:IN Chicagoland is Illinois’ only by business, for business network dedicated to disability inclusion in the workplace.
Visit illinoisable.com for more information about IL ABLE and read the Plan Disclosure Booklet.