IL HB4611

Amends the State Treasurer Act regarding the ABLE (Achieving a Better Life Experience) account program, which allows individuals with disabilities to save for qualified disability expenses

Adds a new option for distributing ABLE account proceeds upon the death of a designated beneficiary: funds may now be transferred pursuant to a payable on death (POD) account agreement executed by the designated beneficiary or designated representative

Existing distribution options upon death remain unchanged: proceeds may still be transferred to the beneficiary's estate or to an ABLE account for another eligible individual

Takes effect immediately upon becoming law