ABLE Account Enhancements: Permanent Benefits and Employer Contributions
This act makes permanent several provisions related to ABLE accounts, making it easier for individuals with disabilities to save and manage their finances without losing benefits. It increases contribution limits, prevents state recovery of funds upon death, and allows employers to contribute to these accounts. Additionally, government agencies will provide information about ABLE accounts.
Key points
Increased ABLE account contribution limits are made permanent, allowing for greater savings.
States are prohibited from recovering medical assistance from ABLE accounts upon the beneficiary's death, protecting the funds.
Employers can now contribute to ABLE accounts directly from retirement plans, simplifying savings for eligible individuals.
Social Security Administration and Department of Veterans Affairs will inform individuals about ABLE accounts and available resources.
Status:
Expired
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