SB2247 Summary

• Amends the State Treasurer Act to establish and clarify the "Achieving a Better Life Experience" (ABLE) account program, administered by the State Treasurer, to help individuals with disabilities save private funds for qualified disability expenses while supplementing other benefits.

• Allows persons or entities to make contributions to ABLE accounts for eligible individuals who are Illinois residents, residents of contracting states, or residents of any other state, subject to federal contribution limits under Internal Revenue Code Section 529A.

• Establishes the Illinois ABLE Accounts Administrative Fund as a nonappropriated trust fund to cover administrative expenses, with fees collected from participants deposited into the fund; the State Treasurer may contract with third parties for account administration and investment management services.

• Provides that ABLE account assets are held in trust for exclusive benefit of designated beneficiaries, exempt from creditors' claims and state appropriation; assets and earnings are exempt from Illinois state and local taxation to the extent exempt from federal income tax.

• Designates the ABLE Account Program as the "Senator Scott Bennett ABLE Program" and permits qualified distributions for qualified disability expenses as defined under federal law, with special provisions for account transfers upon the beneficiary's death.