News and Updates from the Illinois State Treasurer's ABLE Plan
Your IL ABLE Account can help you make the most out of summer.
Summer has arrived and with it, endless possibilities for summer fun! While the warm weather can mean more time outside, many activities will cost money. Whether you will be spending time at your local pool, taking a family road trip to see friends, camping at your favorite state park, or going to summer camp, your IL ABLE Account may be used to cover these expenses and help you make the most of your summer.
Zach and KC Share Their IL ABLE Story
For people with disabilities, saving in an IL ABLE Account can provide benefits beyond the account balance. It can support greater independence, confidence, and a sense of accomplishment.
In this interview, IL ABLE Account Owners Zach and KC, along with their mother, Micki, explain how their accounts help them save, manage their money, and prepare for future needs.
Read More “How Two Brothers Use IL ABLE Accounts to Build Financial Independence”
Save for your child’s short- and long-term needs.
Spring is in full bloom – grass is green, the trees are blossoming, and the school year is winding down. For some, this means going through an Individualized Education Plan (IEP) review to reflect on the pastyear’ss accomplishments and to look ahead to the next school year. This is also a great time to review your child’s short- and long-term financial needs. For example, will they need additional therapies or educational supports in the coming year? Is transition planning within sight?
Read More “Springtime is a Great Time to Plan Ahead with IL ABLE”
Learn how ABLE to Work can work for you.
IL ABLE Accounts offer many benefits. ABLE to Work is one of them. Account Owners who work and earn money can contribute more than the annual $17, 000 contribution limit. That means more savings.
Read More “Save More in Your IL ABLE Account with ABLE to Work”
Consider opening or contributing to an IL ABLE account.
Tax refunds are always welcome, and they can give you a chance to think about the disability expenses you want to save for. Do you want to save the refund for an unexpected medical expense? Are you going to need new tires for the car that gets you to and from your job? Is there travel in your future? Whatever your financial dreams and goals, contributing your tax refund to an IL ABLE account can help you reach them.
Read More “Use Your Tax Refund to Open or Contribute to an IL ABLE Account”
Elevate your financial know-how
Managing money can be intimidating, especially if it is a new responsibility or you feel you don’t have the right skills or language to talk about it. Financial literacy is all about empowering individuals with the skills and understanding needed to manage their personal finances confidently. As part of National Financial Literacy Month, we interviewed Carleda Johnson, Independent Living Skills Coordinator and Financial Literacy Coach at Access Living. Carleda shares her knowledge and expertise below to help you build your financial literacy.
New year sees market swings
2021 was a banner year for investors, as the S&P 500 and other major indices tracking financial markets reached all-time highs.
This year is off to a bumpier start with inflation, pandemic-related supply chain disturbances, and the current conflict between Russia and Ukraine contributing to the market’s volatility and investor uncertainty.
Read More “Keeping Your Savings and Investment Goals on Track”
Treasurer Frerichs paraded with athletes and spoke at the Opening Ceremonies.
The Treasurer was on hand to kick off the Special Olympics Illinois Winter Games 2022! The games, which featured skiing and snowshoeing competitions, were held in beautiful, wintry Galena.
After a parade down historic Main Street, the Treasurer declared the games open and shared the many benefits of IL ABLE savings and investment accounts for SOILL athletes and all ABLE-eligible individuals. Some of those benefits are:
“I wish all the Special Olympics athletes the best of luck in the Winter Games and encourage families to find out more about how to save for your child’s future at illinoisABLE.com,” said Treasurer Frerichs.
Learn more about the IL ABLE Special Olympics Illinois partnership and IL ABLE.
Find quick answers to your IL ABLE questions with IL ABLE FAQs.
Explore how an IL ABLE account can help you save for qualified disability-related expenses.
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.
Special Olympics Illinois athlete Brandy shares how her IL ABLE Account supports her Special Olympics goals.
Brandy is an IL ABLE Account owner AND a Special Olympics Illinois athlete, and she is bound for the USA Games in Florida in June 2022. In our recent interview with Brandy, she shared how her IL ABLE Account supports her Special Olympics goals.
accessABLE: IL ABLE is helping to make it possible for athletes like you to attend the USA Games next year. You are an IL ABLE Account Owner. How did you find out about IL ABLE?
Brandy: I found out about IL ABLE through my case manager (a person who supports Brandy).
accessABLE: When did you open your IL ABLE Account?
Brandy: I have had an IL ABLE Account since 2019.
accessABLE: Did you open the Account yourself or did someone help you open the Account?
Brandy: I was assisted by the case manager at my group home in opening my IL ABLE Account (For our readers: many people with disabilities deposited their stimulus payments into their IL ABLE accounts to protect their benefits).
accessABLE: Tell us about your job and what you do.
Brandy: I work at Accolade Nursing Home. I am a dietary aide. I serve the residents, wash the dishes, and interact with the residents.
accessABLE: Do you deposit your paycheck into your IL ABLE Account?
Brandy: No (For our readers: Did you know that you can deposit all or part of your paycheck into your IL ABLE Account? And, IL ABLE Account Owners who work can contribute more each year to their IL ABLE accounts.
accessABLE: How might you use the money you have saved in your IL ABLE Account during the USA Games in Florida?
Brandy: I plan to buy souvenirs. I also want to experience as much as possible at the USA Games.
accessABLE: Tell us what it was like for you when State Treasurer Frerichs visited you at the Rec Center in Pontiac, IL? What were you thinking when you first saw him?
Brandy: I was so excited, and I was thinking, ‘What are all these cameras and people here for?’
accessABLE: How did it feel to hear the news from the Treasurer that you are going to represent Illinois at next June’s Special Olympics USA Games in Florida?
Brandy: It was exciting! I felt good inside to know I was going to the USA Games in Florida.
accessABLE: Being a Special Olympics Illinois athlete must keep you busy. What sports do you play?
Brandy: My sports are bowling and basketball. But I like all kinds of athletics.
accessABLE: What will you do to get ready for the USA Games in Florida next June?
Brandy: I will continue to train and strengthen with my coach for the USA Games. I will continue to eat and drink as healthy as I can.
accessABLE: Have you ever been to Florida? What do you think it will be like to go to the USA Games?
Brandy: I have not been to Florida. I think it will be amazing and fun. I will meet a bunch of new people. Special Olympics has made me very proud of myself and my accomplishments.
accessABLE: Thank you, Brandy, for being an IL ABLE Account Owner and good luck at the USA Games!
In September, Treasurer Frerichs had the great pleasure of surprising Brandy with the news that she had been selected to represent Team Illinois at the Special Olympics USA Games in Orlando, Florida. You can watch the surprise [reveal here].
For our readers and Special Olympics families: Did you know that many of the costs of equipment, training, and transportation can be covered by funds you save in your IL ABLE Account? Just like Brandy, you or your athlete can open an IL ABLE Account.
Learn what an IL ABLE disability savings Account is, who is eligible, how to open an Account, and how it can help you save for qualified disability-related expenses while protecting important benefits.
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.
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 ICED is to promote and expand access to opportunities for State of Illinois employees with disabilities. Through the Achieving a Better Life Experience (ABLE) Program, we have also prioritized expanding access by working with state employees, retirees, and the broader state disability community. Illinois ABLE is one of the programs in my office that I am especially proud of because we built it for people with 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 for people with disabilities are open 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 legislation that provided state income tax deductions for Illinois taxpayers who contribute to any Illinois ABLE Account. We then helped incentivize employment by increasing the annual contribution limit for working people with disabilities to their IRAs. 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 “clawback”). 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 people with disabilities 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. The website explains who is eligible, helps you determine what type of investor you are, provides details on the checking Account and investment options, and includes a button to begin your enrollment. You can also download, print, and submit an enrollment application 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. IL ABLE Account Owners who earn income can contribute additional funds (also known as ABLE to Work) beyond the Annual Contribution Limit of $20,000 – up to $15,650 more.
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:
Working Account Owners may take advantage of ABLE to Work, whether they work 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 obligations. Consult a tax advisor before making any such increase.
Remember, you can set up a payroll direct deposit, which makes saving and investing your paycheck quick and easy. Download the payroll direct deposit form now.
Learn what an IL ABLE disability savings Account is, who is eligible, how to open an Account, and how it can help you save for qualified disability-related expenses while protecting important benefits.
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.