Convening Spotlight: State Treasurer’s Savings Programs

During our 2016 IABG Partner Convening last October, we had the opportunity to hear from staff at State Treasurer Frerich’s office

The Illinois State Treasurer’s office spearheads important savings programs that help Illinois families save for their future, including the Illinois Secure Choice Savings Program, the ABLE Savings Program, and College Savings Programs.

Here are some of the key takeaways:

Bright Start

What is it: Bright Start is Illinois’ 529 College Savings Program – allowing families to save for their child or grandchild’s education.

Learn More: https://www.brightstartsavings.com

ABLE

What is it: The ABLE program will help to ease the financial strains faced by individuals with disabilities by allowing them to open tax-free savings accounts for qualified expenses. Money saved in these ABLE Accounts will not be counted against them when applying for federal benefits programs.

When can you access it: Illinois’ ABLE program will likely role out in the spring of 2016

Learn More: http://illinoistreasurer.gov/Individuals/ABLE

Secure Choice

What is it: Secure Choice is a new program that will give many Illinois workers, that don’t currently have access to retirement savings options at work, the opportunity to save for their future. IABG led advocacy efforts to pass the legislation that created this program and we are committed to seeing it succeed.

When can you access it: The Secure Choice Board is just beginning to build the program. We’ll likely see a slower roll out with accounts opening in 2018.

Learn More: http://illinoistreasurer.gov/Individuals/Secure_Choice 

You can check out their complete presentations here.

Treasurer Frerichs has been a strong advocate for expanded access to financial capability and savings tools. We look forward to our continued work with him and his staff.

We’ll keep you updated as ABLE and Secure Choice gets closer to roll out.