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Senate committee advances bill letting Idaho join multistate ABLE account consortium
Summary
The Senate Health and Welfare Committee voted to send House Bill 26 to the floor after testimony that the measure would let the state treasurer join a multistate consortium to offer ABLE accounts, reducing fees for account holders and enabling Idaho-focused outreach.
The Idaho Senate Health and Welfare Committee voted to send House Bill 26 to the Senate floor with a "do pass" recommendation after hearing testimony that the bill would let the state treasurer join a multistate consortium to provide ABLE savings accounts to Idahoans with disabilities.
State Treasurer Julie Ellsworth told the committee the bill would allow the treasurer's office to join an existing consortium that spreads administrative and investment-management costs across many states. "By joining a consortium ... it will take it down to 19 to 33% basis points, a huge savings to them," Ellsworth said, adding the state would gain revenue that could be used for outreach to Idaho account holders.
ABLE (Achieving a Better Life Experience) accounts let people with disabilities save for qualified disability expenses…
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