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Illinois ABLE News & Updates

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

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Category: Federal Benefits

Federal Benefits

True of False?

August 4, 2018November 9, 2018 illinoistreasurer

You will lose your benefits if you have an Illinois ABLE account?

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For detailed information, please read the Plan Disclosure Documents available at il.savewithable.com.

The Illinois ABLE Plan is a Member Plan of the National ABLE Alliance and is designed to qualify as a qualified ABLE program under the provisions of Section 529A of the Internal Revenue Code. The Illinois ABLE Plan is sponsored by the State of Illinois and administered by the Office of the Illinois State Treasurer. Ascensus College Savings Recordkeeping Services, LLC (“ACSR”) serves as Program Manager for Illinois ABLE. Ascensus Investment Advisors, LLC (“AIA”) serves as the Administrator of a trust (the “Trust”) established to provide for the investment and reinvestment of the assets of Member Plans that participate in the National ABLE Alliance. Accounts in Illinois ABLE are not guaranteed or insured by the State of Illinois, the Illinois State Treasurer, the National ABLE Alliance, ACSR, AIA, Illinois ABLE, or the Trust. The Checking Option offers Federal Deposit Insurance Corporation insurance up to $250,000, subject to certain restrictions.

Illinois taxpayers may deduct up to $10,000 for an individual, $20,000 for married taxpayers filing jointly, per tax year on their Illinois state income tax return, for their total combined contributions to the Illinois ABLE Plan.  The individual and jointly filed limits on deductions will apply to total contributions regardless of whether the contributions are made to a single account or to more than one account.

Before investing, investors should consider whether their home state offers any state tax or other benefits that are only available for investments in such state’s qualified ABLE program and they should consult their legal, tax or financial advisor regarding their specific situation.

For more information about Illinois ABLE call 1-888-609-8683, or visit il.savewithable.com to obtain Plan Disclosure Documents, which include investment objectives, risks, charges, expenses and other important information.  Read and consider it carefully before investing.

Investors should consider before investing whether their home state offers any state tax or other benefits that are only available for investments in such state’s qualified ABLE program and should consult their legal tax advisor and/or other advisor regarding their specific legal investment or tax situation.

The Member Plan is sponsored by the State of Illinois and administered by the Office of the Illinois State Treasurer. The Member Plan is one of the qualified ABLE plans issued by the ABLE Consortium Trust. 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. The Member Plan offers a series of investment options within the ABLE Consortium Trust. The Member Plan is intended to operate as a qualified ABLE plan to be used only to save for Qualified Disability Expenses, pursuant to the Section 529A of the U.S. Internal Revenue Code, as amended.

2019 Illinois ABLE News & Updates