News and Updates from the Illinois State Treasurer's ABLE Plan
Changes coming to IL ABLE Accounts
On December 13, 2024, a new Money Market Option will be available as the 7th Target Risk Investment Option. The Money Market Option will invest 100% of assets in the Vanguard Cash Reserves Federal Money Market Fund.
Read More “Get Ready! There is a New Investment Option Coming December 13”
It’s one of the questions asked most frequently about IL ABLE Accounts: “What happens to the IL ABLE Account when an Account Owner passes away?” While it’s not something anyone likes to think about, it is important to know what happens to an IL ABLE Account when an Account Owner passes away and what steps to take. And we have some answers.
Read More “Five Things to Know About IL ABLE Accounts after the Death of an Account Beneficiary”
Question: Can Medicaid recover – or “claw-back” – assets from an ABLE account after an Account Owner passes away?
Everyone has a reason to save money. IL ABLE tax-advantaged savings and investing Accounts can be a powerful financial tool to help Eligible Individuals with disabilities and their Authorized Individuals meet their short-, medium-, and long-term savings goals. Here are five of the most common reasons why eligible individuals and their Authorized Individuals open an IL ABLE Account.
These IL ABLE Account features can help.
Are you establishing or recommitting to financial goals this year? No matter if your goals are long term, short term or somewhere in between, these two IL ABLE Account features may help you meet your financial goals by making saving easier.
Celebrate the contributions of workers with disabilities and help advance workforce access and equity.
Every October, we celebrate National Disability Employment Awareness Month (NDEAM) and the diverse contributions of America’s workers with disabilities. With NDEAM’s theme “Advancing Access & Equity” this month is a good time for workplaces to recognize and ensure that people with disabilities, have equal opportunity to contribute their skills and talents in the workplace – that means inclusive employment and workplace policies that benefit employees and employers alike.
Use the funds for education and other disability-related expenses.
Do you have funds in a 529 college savings account that you won’t be using? Consider rolling those funds over into a loved one’s existing IL ABLE Account.
Rolling over funds from a 529 college savings account into an IL ABLE Account is a meaningful way to help a loved build financial resources that they can use to pay for a wide range of Qualified Disability Expenses, including education, health and wellness, housing, transportation, and much more. You can learn more about Qualified Disability Expenses on illinoisable.com.
Read More “Unused 529 Funds in your College Savings Account? Roll them into an IL ABLE Account”
What you need know about IL ABLE Accounts at tax time.
Tax season is upon us! Here is some important information to keep in mind about your IL ABLE Account when filing your 2022 tax return.
More than 2,000 people watched live. If you missed it, now is your chance.
The National Association of State Treasurer’s ABLE Savings Plan Network and ABLE today hosted the Social Security Benefits and ABLE Accounts webinar in February, which featured the Social Security Administration (SSA) and ABLE experts addressing many frequently asked questions about:
Read More “Watch the Recorded Webinar: Social Security Benefits and ABLE Accounts “
Now you can save even more for disability expenses
Great News! As of January 1, 2023, Annual Account Maintenance Fees for IL ABLE Accounts decreased to $33 for Account Owners who receive E-Delivery of statement notifications and $58 for Account Owners who receive paper statement delivery.