November 9, 2017
WASHINGTON, D.C. – The National Association of State Treasurers (NAST) released the following statement today in response to an amendment to the House tax reform bill, which would allow people to transfer funds from 529 college savings plans to Achieving a Better Life Experience (ABLE) accounts.
“Tax-free savings accounts such as 529 college savings plans and ABLE accounts help millions of Americans save for significant life expenses, so we applaud the House for streamlining these important financial tools,” said NAST President and Oklahoma State Treasurer Ken Miller. “Congress established ABLE accounts in 2014 to afford individuals living with disabilities the same saving opportunities that all Americans have through 529 college savings programs. Since then, state treasurers have worked diligently to implement, administer and expand ABLE accounts to ease financial strains for families across the country. We are pleased that this new amendment would allow Americans to seamlessly transfer funds from 529 plans to ABLE accounts, and we look forward to working with the House and Senate to ensure the final bill includes this beneficial measure.”
To learn more about NAST’s federal policy positions, click here.
Vermont State Treasurer Beth Pearce, NAST’s incoming president, has partnered with Governor Phil Scott to launch a statewide Financial Literacy..