Bill > HB2821

This bill, known as "Fred's Law" and the "Achieving a Better Life Experience (ABLE) Savings Plan Act," establishes a program in Oklahoma to allow individuals with disabilities and their families to save for disability-related expenses without jeopardizing eligibility for state or local public assistance programs. The core of the act is the creation of ABLE accounts, which are individual trust or savings accounts for eligible individuals, defined as those with a disability or blindness that meets specific criteria, including a diagnosis from a physician and functional limitations. These accounts can be used to pay for "qualified disability expenses," which encompass a broad range of needs such as education, housing, transportation, employment support, healthcare, and assistive technology. The State Treasurer is tasked with facilitating access to these ABLE programs, either by establishing an Oklahoma-specific program, contracting with another state that has one, or joining a consortium of states. The bill also outlines the process for selecting financial institutions to manage these accounts, the requirements for opening and contributing to an account, and the rules for making withdrawals, ensuring that funds are used for qualified disability expenses. Importantly, money and assets held in these ABLE accounts are protected from creditors and will not be counted when determining eligibility for means-tested public assistance programs like Temporary Assistance for Needy Families (TANF). The act is set to become effective on January 1, 2017.