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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/Treasurer Michael Frerichs

ABLE Age Adjustment Act Raises Disability Eligibility Age from 26 to 46

January 21, 2023July 17, 2026 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 raise the eligibility age for owning 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 Raises Disability Eligibility Age from 26 to 46”

Teen girl with mother and father.
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

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  “

Account Management/Events/Investing Basics

August is ABLE to Save Month

August 20, 2022July 17, 2026 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 how an IL ABLE Account can support greater financial security and help them save for qualified disability-related expenses, including accessible equipment, education, housing, health care, or an emergency fund.

Read More “August is ABLE to Save Month”

ABLE Facts/Account Management/Disability Expenses

Summer Fun is Within Reach

June 18, 2022July 17, 2026 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 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.

Read More “Summer Fun is Within Reach”

ABLE Facts/Account Management/Employment

Save More in Your IL ABLE Account with ABLE to Work

May 20, 2022July 17, 2026 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 $17, 000 contribution limit. That means more savings.

Read More “Save More in Your IL ABLE Account with ABLE to Work”

Account Management

Make It Easier to Contribute and Withdraw IL ABLE Funds by Going Online.

December 19, 2020December 19, 2020 illinoistreasurer

Banking and bill-paying is so much easier when you can do it from home.  You can easily set up online contributions and withdrawals, by taking advantage of the online options offered by IL ABLE.

Go online with Contributions and Withdrawals

Read More “Make It Easier to Contribute and Withdraw IL ABLE Funds by Going Online.”

Account Management

Managing Your IL ABLE Account from Home

June 20, 2020July 17, 2026 illinoistreasurer

Go online with IL ABLE – it’s easy!

 

Many of us are doing our banking and bill-paying from the comfort of home these days. Now is a good time for IL ABLE account owners to make sure that you are taking full advantage of the online options offered to you by IL ABLE.

Read More “Managing Your IL ABLE Account from Home”

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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 (“Treasurer”). IL ABLE is designed to be a qualified ABLE plan offered as part of 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 the IL ABLE plan.

Accounts in the IL ABLE plan are not guaranteed or insured by the State of Illinois, the Treasurer, the Trust, IL ABLE, the Program Manager, or any other entity (except as provided in the Plan Disclosure Booklet solely with respect to the FDIC-insured Checking Account Option). An Account Owner could lose money by investing in the IL ABLE plan. The Checking Account Option offers FDIC insurance up to $250,000, subject to certain restrictions. Interests in IL ABLE are municipal securities and the value of the account will vary with market conditions and the performance of the investment options you choose.

An investor should consider investment objectives, as well as the risks, charges, and expenses associated with an investment in the IL ABLE plan before investing. This and other important information are contained in the Plan Disclosure Booklet, which can be obtained at http://illinoisable.com or by calling (888) 609-8683.  You should carefully read the Plan Disclosure Booklet before investing.

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 Qualified Disability 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 and/or pay taxes offers an ABLE plan with favorable state tax incentives or other benefits that are only available through investment in that 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 as past performance or success is not a guarantee of future performance or success.

Capitalized terms not otherwise defined in this material have the meaning attributed to them in the Plan Disclosure Booklet.

Information subject to change without prior notice.

Investments are not FDIC-Insured (except for the Checking Account Option). No Bank, State, or Federal Guarantee.  May Lose Value.

2026 Illinois ABLE News & Updates
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