SPRINGFIELD – A new law sponsored by State Senator Paul Faraci will ensure families of students with disabilities have access to life-changing financial tools by requiring schools to share information about the Illinois’ ABLE savings program with parents of students who have 504 plans. 

“Too often, individuals with disabilities and their families are left wondering how they can preserve federal benefits while trying to save and invest for disability-related expenses,” said Faraci (D-Champaign). “This law empowers families to save for a range of needs, including housing, education, transportation and health care, giving them the control and flexibility they need with their finances.”

Illinois Achieving a Better Life Experience accounts make it possible for people with disabilities and their families to save and invest their money for expenses related to living with a disability, offering greater financial independence while preserving vital public health benefits – like SSI or Medicaid. The Illinois ABLE program promotes independence, reduces reliance on public assistance and encourages greater economic participation by individuals with disabilities.

Under the law, the Illinois State Treasurer’s office will be required to issue Illinois ABLE materials to the parents or guardians of students with new or existing 504 Plans by the 2026-2027 school year. Students with 504 Plans often have disabilities that may not be immediately visible or widely recognized. Distributing Illinois ABLE program information ensures all eligible families, regardless of the nature of the disability, are aware of the financial resources available to them, promoting equity and inclusion.

“We must be proactive in ensuring families who are eligible for the program have all the necessary information to take advantage of its benefits,” said Faraci. “This law is a critical step, increasing transparency and support for families across the state.”

House Bill 3500 was signed into law Friday and goes into effect Jan. 1, 2026.