HB119 Summary

• Establishes the Hawaii ABLE Savings Program under the direction of the Director of Finance to allow individuals with disabilities and their families to save private funds for qualified disability expenses.

• Creates individual ABLE savings accounts for eligible individuals (those receiving disability or blindness benefits before age 26, or those filing disability certification) with one account per beneficiary.

• Authorizes the Director to contract with financial organizations as program managers and depositories, selecting based on financial stability, safety, fees, and promotional capabilities.

• Establishes the Hawaii ABLE Savings Program Trust Fund to receive deposits, grants, and appropriations, with all interest and unexpended funds remaining in the fund rather than reverting to the general fund.

• Exempts ABLE savings account funds from attachment, execution, garnishment, and bankruptcy proceedings, consistent with federal section 529A of the Internal Revenue Code.