IL SB3071

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

Permits account owners to designate payable-on-death beneficiaries through written account agreements, allowing proceeds to transfer to other eligible individuals upon the account owner's death without court involvement.

Clarifies that state agencies cannot seek repayment from ABLE accounts or their proceeds for benefits provided to beneficiaries under federal law requirements.

Maintains existing protections including account assets held in trust, exemption from creditor claims, and disregard of account balances for eligibility determinations for state assistance and benefits programs.

Authorizes the State Treasurer to adopt rules ensuring ABLE accounts comply with federal Section 529A of the Internal Revenue Code requirements.