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Committee approves technical revisions for ABLE accounts to address beneficiary funds at death
PUBLIC HEALTH, WELFARE AND LABOR COMMITTEE - SENATE · January 30, 2019
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Summary
The committee passed HB1076 to clarify disposition of ABLE account balances on a beneficiary’s death and to limit state recovery under certain federal rules; the treasurer's office reported the ABLE program had 44 accounts and roughly $70,000 in assets shortly after launch.
House Bill 1076, carried in the Senate by Senator Malek, clarifies what happens to remaining assets in Achieving a Better Life Experience (ABLE) accounts when the designated beneficiary dies and provides that an agency of the state shall not seek federal‑required…
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