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Capitol Correspondence - 10.20.20

U.S. Treasury Issues Problematic Final Rule Regulating ABLE Accounts

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The U.S. Department of the Treasury has released a final regulation governing ABLE Accounts with unexpected speed. While the document is not yet available in the Federal Register, it can be accessed directly from the Internal Revenue Service here. ABLE Accounts are an important way for individuals with disabilities to build financial stability without losing vital benefits, without which they could not address their health care and disability support needs. As part of its coalition work, in January ANCOR joined comments by the Consortium for Citizens with Disabilities (CCD) expressing concern about the proposed regulation during the public comment period.

CCD has flagged the following causes for concern as it begins its review of the regulation:

  • How the term “disability” is defined
  • The inclusion of Representative Payees on a list of those who can open ABLE accounts
  • The lack of outreach to ABLE accountholders about new rules

ANCOR will keep our members informed of opportunities for action on this issue if any emerge.