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 contributions of $1,000 to existing and new ABLE accounts starting July 1, 2025. The bill also establishes that only the director of the governing board or their designee can authorize expenditures from the ENABLE account, and it allows for deferral of deposits to prevent exceeding IRS contribution limits.

Additionally, the bill amends existing law regarding the investment of funds in the ABLE program accounts. It allows the governing board to elect the state investment board or an investment manager to handle investments, while ensuring that all investment and operating costs are covered by eligible individuals, except for certain fee reductions outlined in the new section. The governing board is tasked with maintaining records for each account and is required to promote the opening and funding of individual ABLE accounts. The bill emphasizes the importance of increasing participation in the ABLE program to improve the quality of life for individuals with disabilities and to maintain low account fees.

Statutes affected:
Original Bill: 43.330.464