SPRINGFIELD, Ill. (WAND) - Illinois State Treasurer Michael Frerichs announced Tuesday that people with disabilities in the state have saved more than $150 million using Achieving a Better Life Experience (ABLE) accounts through the National ABLE Alliance.
The milestone triggered a lower cost for families through a fee reduction of 2 basis points.
The National ABLE Alliance, an 18-member, bi-partisan consortium, provides a high-quality, low-cost investment and savings program for people with disabilities that allows them to preserve their federal benefits while saving for expenses that come with living with a disability. With more than 17,000 open accounts, the National ABLE Alliance represents more than a quarter of people with disabilities nationwide who are eligible to open ABLE accounts. Ascensus College Savings of Newton, Mass., administers the program for the National ABLE Alliance.
“Families with loved ones with disabilities were discouraged and penalized for saving and investing until the ABLE program was created,” Frerichs said. “We are proud to have started a program that has expanded to include 16 other states plus the District of Columbia to help people with disabilities save and keep their benefits, leading to greater financial independence.”
For more information about the National ABLE Alliance, or to learn more about each state’s ABLE Plan and to obtain their Plan Disclosure Documents, which include investment objectives, risks, charges, expenses and other information, visit savewithable.com or call 888-627-7519.