The bill aims to enhance the Washington Achieving a Better Life Experience (ABLE) program by creating the ENABLE account, which will facilitate funding for program promotion, reduce individual account fees, and provide contributions to ABLE accounts. The ENABLE account will be funded through various sources, including legislative appropriations, federal funds, and private donations. Expenditures from this account will prioritize administrative expenses, fee reductions for individual accounts, and direct deposits into existing and new ABLE accounts, with specific limits set for each category. The bill also allows for the deferral of deposits to prevent exceeding IRS contribution limits.

Additionally, the bill amends existing laws to clarify the investment management of ABLE program accounts, ensuring that the governing board has the authority to manage investments and maintain records for eligible individuals. It mandates the governing board to contract with an organization to promote the program and encourage account openings and contributions. The bill emphasizes the importance of increasing participation in the ABLE program to improve the quality of life for individuals with disabilities while maintaining compliance with federal regulations.

Statutes affected:
Original Bill: 43.330.464