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Illinois ABLE News & Updates

News and Updates from the Illinois State Treasurer's ABLE Plan

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Category: Account Management

ABLE Facts/Account Management/Uncategorized

ABLE Age Adjustment Act Passed!

January 21, 2023January 20, 2023 illinoistreasurer

Higher eligibility age limit takes effect in 2026

Since Congress passed the Stephen Beck Jr. Achieving a Better Life Experience Act in 2014, the ABLE community has worked tirelessly to pass legislation to increase the age of eligibility criteria to own an ABLE account from disability onset before age 26 to before age 46.

Supported by legislative champions in Congress, disability advocates and ABLE programs across the country, the ABLE Age Adjustment Act made it across the finish-line on December 29, 2023, when President Biden signed the Consolidated Appropriations Act, 2023 [H.R. 2617], which included the ABLE Age Adjustment Act.

Read More “ABLE Age Adjustment Act Passed!”

ABLE Facts/Account Management/Contributions

The IRS Raises Annual Contribution Limit for ABLE Accounts

January 21, 2023January 20, 2023 illinoistreasurer

Contribute up to $17,000 to an IL ABLE Account

Starting January 1, 2023, the Annual Contribution Limit for ABLE accounts increased to $17,000 from the previous limit of $16,000. This amount includes contributions for all sources including Account Owners, family members, friends and other third parties. Anyone can contribute to an IL ABLE Account, as long as total contributions do not exceed $17,000 per year.

Read More “The IRS Raises Annual Contribution Limit for ABLE Accounts”

ABLE Facts/Account Management

Authorized Individuals and IL ABLE Accounts

December 17, 2022December 19, 2022 illinoistreasurer

What you need to know about acting on behalf of an Account Owner

Authorized Individuals often play a vital role in IL ABLE Accounts. They can open IL ABLE Accounts for eligible children and adults who are not able to open and manage the Account for themselves.  Additionally, Account Owners with legal capacity may select an Authorized Individual to manage their Account.

Read More “Authorized Individuals and IL ABLE Accounts”

ABLE Facts/Account Management/Contributions

Maximize IL ABLE Account Benefits

December 17, 2022December 19, 2022 illinoistreasurer

There is still time to contribute for 2022

It’s hard to believe that 2022 is coming to a close, but there is still time to open or contribute to an IL ABLE Account to take advantage of these benefits before the year is over.

Read More “Maximize IL ABLE Account Benefits”

ABLE Facts/Account Management

IL ABLE Rolls Out Important Changes on November 20  

November 19, 2022November 18, 2022 illinoistreasurer

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:

Read More “IL ABLE Rolls Out Important Changes on November 20  “

ABLE Facts/Account Management/Taxes

Thank You from IL ABLE

November 19, 2022November 18, 2022 illinoistreasurer

Dear Account Owners and their supporters,

Thanksgiving is upon us and we at IL ABLE want to say Thank You to all of the Account Owners (and their Authorized Individuals) who save and invest with IL ABLE Accounts.

Read More “Thank You from IL ABLE“

ABLE Facts/Account Management

Great News!

September 17, 2022September 15, 2022 illinoistreasurer

IL ABLE Accounts Have Lower Fees!

Great news! While costs on so many things seem to be going up, fees on your IL ABLE account have gone down!

Annual Account Maintenance fees were recently lowered nearly 25 percent from $45.00 to $34.00 if you receive e-delivery notification that the Account’s quarterly statements are ready for viewing. The Annual Account Maintenance fee for paper statements was reduced from $60.00 to $59.00.  The reduced fees, which are assessed quarterly, will be reflected on your October quarterly statement.

Read More “Great News!”

Account Management/Events/Investing Basics

August is ABLE to Save Month

August 20, 2022August 19, 2022 illinoistreasurer

Learn how IL ABLE accounts can help you achieve your long-term financial goals

August is “ABLE to Save Month”, a time for people with disabilities and their families to learn about IL ABLE accounts and how they can be an important resource to help increase financial well-being. 

Read More “August is ABLE to Save Month“

ABLE Facts/Account Management/Disability Expenses

Summer Fun is Within Reach

June 18, 2022June 30, 2022 illinoistreasurer

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 free time outside, a lot of 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 able to be used to cover these expenses and help you make the most of your summer.

Read More “Summer Fun is Within Reach”

ABLE Facts/Account Management/Employment/Uncategorized

Save More with ABLE to Work

May 20, 2022June 30, 2022 illinoistreasurer

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 $16, 000 contribution limit. That means more savings.

Read More “Save More with ABLE to Work”

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The Illinois Achieving a Better Life Experience (IL ABLE) plan is sponsored by the State of Illinois and administered by the Office of the Illinois State Treasurer. IL ABLE is designed to be a qualified ABLE plan offered through the National ABLE Alliance. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping and administrative services for IL ABLE.

Accounts in IL ABLE are not guaranteed or insured by the State of Illinois, the state administrator, the Trust, IL ABLE or the Program Manager. IL ABLE offers investment options across the risk spectrum from Conservative to Aggressive. Except for the checking account option, investments in the IL ABLE plan are not insured by the FDIC. The Checking Option offers FDIC insurance up to $250,000, subject to certain restrictions. Interests in IL ABLE are municipal securities and the value of your account will vary with market conditions and the performance of the investment options you choose. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences. Participation in the IL ABLE plan does not guarantee that contributions and the investment return on contributions, if any, will be adequate to cover future expenses or that an Account Owner is eligible to participate in the IL ABLE Plan.

Before investing in any ABLE plan, you should consider whether the state in which you reside or pay taxes offers an ABLE plan that provides its taxpayers with favorable state tax or other benefits that are only available through investment in the home state’s ABLE plan. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits, or any limitations, would apply to your specific circumstances.

This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under federal or state tax laws. This material is not an offer to sell or a solicitation of an offer to buy any securities.

Testimonials may not be representative of the experience of other customers and is no guarantee of future performance or success.  For more information about IL ABLE, call (888) 609-8683, or visit https://illinoisable.com  to obtain Plan Disclosure Documents, which include investment objectives, risks, charges, expenses, and other important information about IL ABLE.

2023 Illinois ABLE News & Updates
 

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