ENABLE Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the ENABLE Act, makes permanent certain provisions related to Qualified ABLE accounts, which are savings accounts designed for individuals with disabilities and their families. Specifically, it extends increased contribution limits and allows for the inclusion of certain retirement savings contributions when calculating the annual contribution limit for ABLE accounts. It also permanently allows rollovers from 529 college savings plans to ABLE accounts.
Key provisions
- Extends increased contribution limits to Qualified ABLE accounts.
- Allows savers to include certain retirement savings contributions in ABLE account calculations.
- Permanently allows rollovers from 529 plans to ABLE accounts.
- Repeals a provision in the SECURE 2.0 Act that limited the interaction between ABLE accounts and other retirement plans.
Who is affected
- Individuals with disabilities and their families
- Financial advisors
- Financial institutions offering ABLE accounts
Notable changes
- Ensures that current ABLE account rules remain in effect beyond 2025.
- Broadens the definition of eligible retirement savings contributions for ABLE account purposes.
Bill text
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Sponsors
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25 on record
Primary sponsor
Cosponsors
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