Synopsis As Introduced Amends the State Treasurer Act. Creates the "Achieving a Better Life Experience" or "ABLE" account program to encourage and assist individuals and families in saving private funds for the purpose of supporting persons with disabilities in endeavors to maintain health, independence, and quality of life, and to provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, federal and State medical and disability insurance, the beneficiary's employment, and other sources. Provides that the State Treasurer shall be primarily responsible for the plan but shall work with the Illinois State Board of Investment. Sets forth the requirements of the plan. Requires the State Treasurer to adopt rules to implement the program. Defines required terms.
Replaces everything after the enacting clause with the introduced bill. Makes the following changes: makes changes to defined terms. Adds additional defined terms. Allows the State Treasurer to enter into agreements with other states to either allow Illinois residents to participate in an ABLE account plan operated by another state or to allow residents of other states to participate in the Illinois ABLE plan. Requires the designated beneficiary of an ABLE account to be a resident of Illinois or a resident of a contracting state. Provides that plan assets are not subject to claims by creditors of the State and may not be used as security for a loan. Requires the State Treasurer to promote awareness of the availability and advantages of the ABLE account plan as a way to assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities but prohibits the State Treasurer from promoting or accepting contributions for ABLE accounts until the Internal Revenue Service has issued its final regulations concerning ABLE accounts. Requires the account administrator to annually prepare and adopt a written statement of investment policy that includes a risk management and oversight program. Makes other changes concerning the administration of the ABLE account plan. Creates the Illinois ABLE Accounts Administrative Fund. Amends the State Finance Act. Adds the Illinois ABLE Accounts Administrative Fund.