On September 21, the Senate Finance Committee held a markup of three bills that would make changes and improvements to the Achieving a Better Life Experience (ABLE) Act, which was signed into law in 2014.
The ABLE to Work Act (S. 2702/H.R. 4795) would permit individuals to make contributions in excess of the current threshold if they earn income from work.
The ABLE Financial Planning Act (S. 2703/H.R. 4794) would permit individuals to rollover funds between other 529 programs and ABLE accounts.
The ABLE Age Adjustment Act (S. 2704/H.R. 4813) would increase the age restriction currently in place for the establishment of ABLE accounts. Under current law, only individuals who acquired their disability prior to age 26 would be eligible to establish accounts. This bill would adjust the age to 46, permitting far more individuals to use ABLE accounts to plan for expenses relating to their disability. ANCOR strongly supports increasing the age criteria.