ABLE Employment Flexibility Act
Sen. Klobuchar Introduces Bipartisan Bill to Let Workers Put Retirement Matches Into ABLE Accounts
This bill is currently in the early stages of the legislative process after being sent to the Senate Committee on Finance for review. It is actively moving forward as it awaits further study by the committee members. There are no upcoming votes scheduled at this time.
Legislative Progress
This bill has support from both parties and builds on popular existing programs. However, many tax-related bills take a long time to move through the Senate Finance Committee.
Key Points
Impact Analysis
Personal Impact
Life & Work
Small business owners who employ workers with disabilities gain a new tool to support those employees. The bill clarifies that contributions to ABLE accounts count as deductible business expenses, and the Treasury Department is directed to create model plan amendments, making it simpler for smaller firms to implement without expensive legal guidance.
“The Secretary of the Treasury (or such Secretary's delegate) shall promulgate model amendments which plans may adopt to implement contributions to qualified ABLE programs pursuant to the amendments made by this section.”
Programs
Disabilities
Milestones
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
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.
Related News
4 articles
New Bill Allows Employer Contributions to ABLE Accounts
New legislation introduced by Reps. Sharice Davids and Brian Fitzpatrick would allow employers to make tax-free contributions to ABLE accounts for workers with disabilities, ensuring they can save for retirement without losing access to essential federal benefits like SSI and Medicaid.
Bipartisan bill would allow employer contributions to ABLE accounts
Lawmakers introduced the ABLE Employment Flexibility Act to allow employers to contribute to ABLE accounts in the same way they do for 401(k) plans. The bill aims to help disabled workers build savings without exceeding the strict asset limits required for government assistance programs.
This bill could help workers with disabilities save for retirement without losing benefits
A bipartisan group of lawmakers is pushing for the ABLE Employment Flexibility Act, which would permit employers to put money into an employee's ABLE account instead of a 401(k). This allows workers to build wealth while staying under the $2,000 asset limit for federal programs.
Source Information
Document Type
Congressional Bill
Official Title
ABLE Employment Flexibility Act
Data Sources
Sponsor
Cosponsors
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