OK SB1063

Creates the Oklahoma Achieving a Better Life Experience (ABLE) Savings Plan Act allowing individuals with disabilities that began before age 26 to establish tax-advantaged savings accounts for qualified disability expenses including education, housing, transportation, employment training, health care, and assistive technology

State Treasurer must establish and administer the program, select financial institutions as depositories and managers through a competitive process, and develop application fees sufficient to cover administrative costs

ABLE account balances and distributions are exempt from TANF benefit eligibility calculations, meaning savings will not reduce public assistance benefits for account holders

Account funds are protected from garnishment, levy, attachment, and other legal processes, and cannot be used as security for loans

Effective date of January 1, 2017