The General Assembly has approved a bill that would require schools to inform parents about Achieving a Better Life Experience (ABLE) accounts when students meet with their IEP advisors.
The bill (2024-H 7612, 2024-S 2741) is sponsored by Rep. Terri Cortvriend and Sen. Melissa Murray. It would mandate school districts provide parents with information about how to open an ABLE account, which are federally recognized investment accounts similar to 529 college savings plans.
Money can be deposited into these accounts by family members and loved ones to be invested on an individual’s behalf. The funds can be used for qualified expenses such as education, housing, transportation, employment training, personal support services, health prevention and wellness, financial management and more. ABLE accounts do not qualify as assets for determining eligibility for state or local assistance programs.
“Every parent wants their child to have a bright future, and to have their needs met throughout their lives. ABLE accounts are an excellent opportunity for parents to provide for their child’s future, and every family whose student might benefit from them should know about them. Providing that information each year at their IEP meeting is a way to ensure that they are aware of them, and are reminded periodically of how to open an ABLE account for their child’s future,” said Representative Cortvriend (D-Dist. 72, Portsmouth, Middletown).
For more information about ABLE accounts, visit savewithable.com.
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.
