Virginia became the first state to approve legislation related to the Achieving a Better Life Experience, or ABLE, Act, when Gov. Terry McAuliffe signed a bill this week allowing for the new savings vehicle.
Under federal law, the ABLE Act allows people with disabilities to open special accounts where they can save up to $100,000 without risking eligibility for Social Security and other government programs. However, states must put regulations in place before financial institutions can begin offering the accounts.
In addition to Virginia, legislatures in West Virginia and Utah have sent ABLE bills to their governors. What’s more, legislation is under consideration in 29 other states and draft bills are in the works in another seven, according to Heather Sachs, director of state government affairs for the National Down Syndrome Society