ABLE Employment Flexibility Act
ABLE Accounts: Employer Contribution Options
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. It is considered active, but no future hearings or votes have been scheduled yet. There is no companion bill mentioned at this time.
Legislative Progress
This bill has strong bipartisan support and builds on popular existing laws for the disability community, though it must still clear the House Ways and Means Committee.
Key Points
- This bill lets employers put money into an ABLE account for a worker with a disability instead of a traditional retirement plan like a 401(k). ABLE accounts are special savings accounts for people with disabilities that generally do not count against their eligibility for government assistance programs.
- Workers with disabilities often cannot save much money in regular bank accounts because they might lose their Social Security or Medicaid benefits if they have more than a few thousand dollars. This change helps them save for the future using employer-provided benefits without losing their current healthcare or income support.
- Employers would be able to match the money an employee puts into their ABLE account, just like they might match a 401(k) contribution. The money the employer puts in would not be taxed as income for the worker and would be a tax-deductible business expense for the company.
- The bill requires the Treasury Department to update its rules so that businesses know exactly how to offer this benefit. It also ensures that these contributions are ignored when the government checks if someone qualifies for programs like food stamps or housing assistance.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
ABLE Employment Flexibility Act
Data Sources
Sponsor
Cosponsors
(2)Analysis generated by AI. Always verify with official sources.