OK HB2686

Creates the Oklahoma Achieving a Better Life Experience (ABLE) Program allowing individuals with disabilities to open tax-advantaged savings accounts under IRS Section 529A for qualified disability expenses including education, housing, transportation, healthcare, and employment support

Establishes ABLE accounts as trust funds outside the State Treasury, administered by the Board of Trustees of the Oklahoma College Savings Plan with authority to collect fees, invest contributions, and contract with financial institutions for up to 5-year terms

Excludes ABLE account balances and distributions from consideration when determining eligibility for state assistance or benefits programs

Protects accounts from creditors, assignment, or encumbrance, except that the state may recover funds upon the beneficiary's death as permitted under federal law

Establishes an advisory committee of 5-7 members appointed by the State Comptroller by January 1, 2017, including persons with disabilities, family members, disability advocates, and financial community representatives, set to expire December 1, 2019