Bill > HR4644

This bill amends the Internal Revenue Code to provide more flexibility for employers and employees with ABLE (Achieving a Better Life Experience) accounts, which are tax-advantaged savings accounts for individuals with disabilities. Specifically, the bill allows employers to contribute to an employee's ABLE account in lieu of traditional retirement plan contributions, enabling individuals with disabilities to save money without risking their eligibility for means-tested federal benefits. Under the proposed legislation, employers can redirect retirement plan contributions to ABLE accounts, and these contributions will not be considered income for determining eligibility for federal assistance programs. The bill ensures that such contributions are universally available to all eligible ABLE individuals in a retirement plan, maintains nondiscrimination rules, and allows employees to elect to have employer contributions directed to their ABLE account. Additionally, the bill requires the Treasury Department to update regulations and guidance to clarify and encourage employer contributions to ABLE accounts, and it provides that these contributions will be treated as if they were made by the designated beneficiary of the account. The goal is to provide more financial planning options for individuals with disabilities while protecting their access to essential support services.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4644/all-info