OK SB1005

Creates the Oklahoma Achieving a Better Life Experience (ABLE) Savings Plan Act, establishing tax-advantaged savings accounts for individuals with disabilities to pay qualified disability expenses including education, housing, transportation, employment training, assistive technology, and health care

State Treasurer administers the program and selects financial institutions to manage accounts; accounts are owned by the designated beneficiary who must have blindness or disability that occurred before age 26

ABLE account balances and distributions are exempt from state means-tested benefit eligibility determinations, including Temporary Assistance for Needy Families (TANF)

Account funds are protected from levy, garnishment, attachment, and other legal processes; contributions must be made in cash and accounts are limited to one per beneficiary

Effective date of January 1, 2017