Substitute Bill No. 376 Summary

• Moneys invested in ABLE accounts, contributions, and distributions for qualified disability expenses are disregarded when determining eligibility for temporary family assistance, Low Income Home Energy Assistance Program, general assistance, medical assistance, and other federally funded assistance programs.

• ABLE account funds shall not be considered assets for purposes of determining eligibility for need-based institutional aid grants at Connecticut public eligible educational institutions.

• The State Treasurer shall establish a qualified ABLE program under the federal ABLE Act of 2014 and may contract with other states to provide residents access to their ABLE programs.

• An ABLE account may be established by the eligible individual, a person selected by the eligible individual, or on behalf of the individual by specified relatives or legal representatives if the individual cannot establish the account themselves.

• ABLE account deposits must be in cash only, and depositors may direct investments only among specific fund options provided, limited to no more than two changes per calendar year; eligible individuals must have disabilities occurring before age 26 and provide disability certification.