Illinois offering new savings accounts for people with disabilities
Illinois is joining other states in offering new tax-exempt savings accounts to help families cover expenses for people with disabilities.
Treasurer Michael Frerichs said Thursday the ABLE accounts – for Achieving a Better Life Experience – will be similar to 529 college savings plans.
The accounts can be used to pay expenses such as education, health care and housing.
Frerichs says the accounts "will make a tremendous difference for individuals with disabilities."
He says it will give people "financial stability, independence, and peace of mind."
The Illinois Legislature passed a bill this spring to create the program after it got federal approval last year. The law takes effect Jan. 1.
State treasurers from across the U.S. are in Chicago this week discussing how to implement the program.