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OK SB1343
Bill
AI Summary
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Creates the Oklahoma Achieving a Better Life Experience (ABLE) Savings Plan Act, establishing tax-advantaged savings accounts for individuals with disabilities that began before age 26, to pay for qualified disability expenses including education, housing, transportation, health care, and employment training
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Designates the State Treasurer to administer the program, with authority to select financial institutions as depositories and managers through a competitive process, and to establish application fees and contribution requirements
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Exempts ABLE account balances and distributions from garnishment, attachment, levy, sale, or any other legal process, and makes accounts unassignable
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Adds ABLE account balances and distributions to the list of resources exempt from consideration when determining eligibility for Temporary Assistance for Needy Families (TANF) benefits
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Effective date of January 1, 2017
Legislative Description
Disability expenses; creating the Oklahoma Achieving a Better Life Experience Savings Plan Act (ABLE). Effective date.
Last Action
Second Reading referred to Health and Human Services Committee then to Appropriations Committee
2/2/2016