News and Updates from the Illinois State Treasurer's ABLE Plan
Find practical tips for ABLE account management, including contributions, withdrawals, account access, and everyday account use.
Starting January 1, 2025, IL ABLE Accounts have a higher Annual Contribution Limit. This is the total amount that can be added to the account during the calendar year from all sources, including the Account Owner, family members, friends, and others.
Read More “Save More in 2025: Accounts can receive a total of $19,000 for the calendar year”
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 easy for New Account Owners and Authorized Individuals to make savings happen.
New Account Owners and their Authorized Individuals often ask how to make contributions to their new IL ABLE Account. Here are five easy and convenient options to start contributing:
Switch to E-Delivery
IL ABLE Account Owners will notice a lower Annual Account Maintenance Fee on the quarterly statement starting in January!
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”
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.
Watch and hear how he “Makes It Happen with His IL ABLE Account.”
Meet Tom, an active IL ABLE Account Owner. He uses the funds in his Account to pay for things he needs to stay fit and healthy. Did you know that expenses for “health and wellness” are just a few of the types of “Qualified Disability Expenses” that funds in an IL ABLE Account can pay for?
Use 529 Funds for Education and Disability-Related Expenses
Do you have money in a 529 college savings account that will not be used? You may be able to roll those funds into an existing IL ABLE Account for an eligible family member. A 529-to-ABLE rollover can help your loved one save for a wide range of qualified disability expenses, including education, health and wellness, housing, transportation, and other needs that support their independence and quality of life.
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 to 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.
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.