U.S. Representative hosting conferences to discuss ABLE Act
PEORIA - Congressman Aaron Schock is holding several press conferences designed to inform the public of a new piece of legislation designed to help people with disabilities create lifetime savings accounts.
Representative Schock is expected to speak in Peoria, Quincy, and Springfield on December 18 to give information about the "Achieving a Better Life Experience," or "ABLE" Act. Officials say 381 U.S. Representatives and 78 Senators co-sponsored the bill, with Representative Schock being an original sponsor of the legislation.
Under current law, only disabled individuals with less than $2,000 in savings are eligible to receive money from Supplemental Security Income or Medicaid. However, under the ABLE Act, 529 college-like savings programs will be available for parents to fund their disabled children's future needs on a tax-deferred basis, allowing families to save up to $100,000 for qualified expenses.
Both the U.S. House of Representatives and U.S. Senate have passed the ABLE Act with overwhelming margins, and President Barack Obama is expected to sign the legislation into law in the next few days.