THE FOLLOWING RELEASE IS FROM STATE SENATOR PAUL FARACI’S OFFICE
SPRINGFIELD – A law sponsored by State Senator Paul Faraci will ensure families of students with disabilities have access to life-changing financial tools by requiring schools to share information about the Illinois’ ABLE savings program with parents of students who have 504 plans beginning with the 2026-27 academic year.
“Individuals with disabilities – especially students – need focused care, ranging from specialized education to medical care to transportation services, all of which can be a financial challenge for families,” said Faraci (D-Champaign). “This law ensures Illinoisans know they can save for disability-related expenses without worrying about losing access to vital federal benefits – giving them much-needed flexibility with their finances.”
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 the law, the Illinois State Treasurer’s office will 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.
“By expanding awareness of Illinois ABLE, our goal is to increase participation in the program and safeguard the financial wellbeing of as many students and families across the state as possible,” said Faraci.
House Bill 3500 goes into effect Jan. 1, 2026.
