Author: Amelis Long, Enable Alabama Outreach Specialist, First National Bank of Omaha
A bipartisan group of lawmakers in the U.S. Senate and the House of Representatives introduced a package of bills last month to enhance the Achieving a Better Life Experience (ABLE) Act. Referred to as “ABLE 2.0,” it aims to make ABLE accounts more effective in promoting financial independence and more accessible to a wider population of the disability community.
U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, Congresswoman Cathy McMorris Rodgers (R-WA), Tony Cárdenas (D-CA), Chris Smith (R-NJ), and Jim Langevin (D-RI) have introduced a package of three bills, including:
- ABLE to Work Act: Will allow individuals with disabilities who are employed to save extra money. ABLE accounts are now limited to $14,000 in annual deposits, but under the proposal, those who are working could save an additional amount equal to the federal poverty level, currently $11,770.
- ABLE Financial Planning Act: Will allow families to rollover savings in a 529 college savings plan into an ABLE account and prevents these funds from being trapped or fined if a child is born with a disability or acquires one later in life.
- ABLE Age Adjustment Act: Will raise the age limit for ABLE accounts from 26 to 46, helping people whose disability develops later in life.
The Enable Alabama Savings team supports this legislation and its proposed enhancements of ABLE’s existing benefits. By making saving easier and more accessible, both Enable AL account owners and ABLE account owners nationwide can achieve even greater financial independence.
Read more about ABLE 2.0 in this article from Disability Scoop and check back here for more updates from the Enable AL team as this legislation moves forward.