SB1387 Summary

• Amends the State Treasurer Act to reorganize and clarify provisions of the ABLE (Achieving a Better Life Experience) account program, including redesignating sections and refining definitions of account administrator, designated representative, and related terms.

• Removes requirement for State Treasurer to consult with Illinois State Board of Investment when designing the plan and changes fee language from "shall" to "may" establish fees, allowing more discretion in cost recovery for administration and investment management.

• Allows the State Treasurer to enter into agreements with other states to permit Illinois residents to participate in other states' ABLE plans or allow out-of-state residents to participate in Illinois's plan.

• Transfers investment policy provisions previously scattered throughout the statute to a consolidated section requiring the Treasurer to prepare a written investment policy statement reviewed annually and posted on the Treasurer's website prior to implementation.

• Amends the Probate Act to allow guardians of minors and persons with disabilities to open, maintain, and transfer funds to ABLE accounts without court approval, provided specific conditions are met regarding the type of guardian and appointment of estate guardian.