Illinois State Treasurer Michael Frerichs lowers fees on IL ABLE accounts

SPRINGFIELD, Ill. (WAND) - Illinois State Treasurer Michael Frerichs announced reduced fees for account owners in a program that allows people with disabilities to save their own money for disability-related expenses.

Annual account maintenance fees were lowered by approximately 25 percent for Illinois Achieving a Better Life Experience (IL ABLE) account owners who receive their statements electronically. Program management fees were also reduced an average of 6 percent.

The lower fees are the result of a new contract between the Office of the Illinois State Treasurer and Ascensus College Savings, the program manager.

“IL ABLE is an important resource for people with disabilities and their families,” Frerichs said. “We recognize that lowering fees will empower account owners to save more money and build a more secure financial future.”

The Office of the Illinois State Treasurer administers IL ABLE, a tax-advantaged savings and investment program that allows qualified people with disabilities to save and invest for disability-related expenses without losing eligibility for federal public benefits such as Supplemental Security Income (SSI) and Medicaid.