Bill > SR0257

This resolution declares August 14, 2025, as Illinois ABLE Savings Day, highlighting the importance of the Achieving a Better Life Experience (ABLE) program for individuals with disabilities in Illinois. ABLE accounts provide a financial tool that allows people with disabilities to save money without jeopardizing their federal benefits, offering tax-deferred growth and tax-free withdrawals for qualified disability expenses such as education, transportation, and assistive technology. The resolution notes that since the program's launch in 2017, over 7,100 Illinois ABLE accounts have been opened with more than $101 million contributed, helping account holders pay approximately $40 million in disability-related expenses. The resolution also emphasizes that the average account balance of around $12,000 represents increased economic independence for individuals with disabilities, who are no longer constrained by strict asset restrictions in federal benefits programs. As part of a 19-state consortium led by State Treasurer Michael W. Frerichs, the Illinois ABLE program provides a low-cost, high-quality savings option for people with disabilities, and this resolution aims to raise awareness about the program's benefits by officially recognizing Illinois ABLE Savings Day.

Health and Social Services

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=257&GAID=18&DocTypeID=SR&SessionID=114&GA=104