IL SB1383

Creates the "Achieving a Better Life Experience" (ABLE) account program administered by the State Treasurer to help individuals with disabilities save money for qualified disability expenses while maintaining eligibility for government benefits.

Allows eligible individuals with disabilities and Illinois residents (or residents of contracting states) to establish ABLE accounts with contributions subject to annual and aggregate limits under federal Internal Revenue Code Section 529A.

Designates the State Treasurer to administer the program, contract with third-party account administrators, manage investments through the Illinois State Board of Investment, and establish participant fees to cover administrative costs.

Protects ABLE account assets as spendthrift accounts exempt from creditors, disregards them in determining eligibility for state assistance programs, and exempts earnings from state taxation when used for qualified disability expenses.

Establishes the Illinois ABLE Accounts Administrative Fund as a non-appropriated trust fund to pay administrative expenses, with account assets held separately from state funds in either a state trust fund or third-party accounts.