Treasurer Michael W. Frerichs
ABLE Helping People with Disabilities

 

[February 22, 2019] 

Two years ago, we in the state treasurer’s office embarked on a journey to help people with disabilities.

The ABLE program – Achieving a Better Life Experience – helps people save their own money for their own disability-related expenses.

ABLE families needed help because an individual could only save $2,000 without incurring federal penalties.

Today, ABLE allows an individual to set aside up to $100,000 without jeopardizing their federal benefits. Investment growth is tax-free with qualified expenditures. Deposits also could be tax deductible.

Illinois ABLE is a prime example of not taking ‘no’ for an answer.

When we began, investment firms told us ABLE was impossible because the beneficiary pool was too small to make it cost effective.

So, we made the pool larger. We approached other states and encouraged them to join Illinois. Today, 14 states and the District of Columbia work with us to keep costs among the lowest in the country.

This alliance defies partisanship and includes red states and blue states. It shows that progress can be made when all sides are willing to treat each other with respect.

We started slowly in 2017. Today, however, I am proud to say that our ABLE program is helping 740 individuals invest $4.2 million.

More information is available at illinoisABLE.com or [phone]. Remember, you do not have to live in Illinois to take advantage of this wonderful program.

As treasurer, my office invests money on behalf of state taxpayers, units of local governments, and families saving for college. However, I also believe that we must invest in people. ABLE is a wonderful tool to help people invest in themselves.

ABLE is another way the Illinois State Treasurer’s Office is invested in you.

[Michael W. Frerichs
Illinois State Treasurer]