THE FOLLOWING RELEASE IS FROM SENATOR PAUL FARACI’S OFFICE
SPRINGFIELD – To ensure families of students with disabilities have access to life-changing financial tools, State Senator Paul Faraci advanced a measure that would require schools to proactively share information about Illinois’ ABLE savings program with parents of students who have 504 plans.
“Families navigating disabilities shouldn’t be left to stumble upon resources by chance,” said Faraci (D-Champaign). “This bill makes certain these families get the information they need early and directly, with no searching required.”
Illinois Achieving a Better Life Experience accounts make it possible for people with disabilities and their families to save and invest their money for expenses related to living with a disability, offering greater financial independence while preserving vital public health benefits – like SSI or Medicaid. The Illinois ABLE program promotes independence, reduces reliance on public assistance and encourages greater economic participation by individuals with disabilities.
Under Faraci’s measure, the Illinois State Treasurer’s office would be required to issue Illinois ABLE materials to the parents or guardians of students with new or existing 504 Plans by the 2026-2027 school year. Students with 504 Plans often have disabilities that may not be immediately visible or widely recognized. Distributing Illinois ABLE program information ensures all eligible families, regardless of the nature of the disability, are aware of the financial resources available to them, promoting equity and inclusion.
“Too often, families only learn about Illinois ABLE when it’s too late to take full advantage of it,” said Faraci. “We’re taking steps to make sure every eligible family has a fair shot at long-term financial security.”
House Bill 3500 passed the Senate Thursday.
