ILLINOIS – Illinois is making it possible for thousands more people with disabilities to set aside money for their needs without losing critical federal benefits.

A new rule, announced this week by State Treasurer Michael Frerichs, raises the eligibility age so that anyone whose disability began before age 47 can now open an ABLE (Achieving a Better Life Experience) savings account.

The change nearly doubles the number of Illinois residents who can use the program, which lets people with disabilities save and invest money tax-free for qualified expenses. 

Frerichs called the expansion a “game changer,” estimating that 250,000 additional Illinoisans and about 6 million people nationwide now qualify. 

“We’re happy to report that ABLE accounts are now available to anyone who acquired their disability before age 46, and I think this is a game changer for a lot of people,” Frerichs said.

Until this expansion, ABLE accounts were only available to people who acquired a disability before age 26. That restriction left out veterans, accident survivors, and people diagnosed with disabling conditions later in life. The new rule took effect this year after Congress responded to calls from Illinois advocates and families to expand access.

How ABLE accounts work:

An ABLE account functions much like a 529 college savings account. Account holders, friends, and family can contribute cash, which is then invested. The money grows tax-free as long as it is used for disability-related expenses such as housing, transportation, assistive technology, or education. Illinois also offers a state income tax deduction for contributions.

Before ABLE accounts, people with disabilities who received Supplemental Security Income (SSI) or Medicaid faced strict asset limits. Having more than $2,000 in savings could mean losing those benefits. 

“This created a lot of anxiety for families who were preparing,” Frerichs said. “There’s a lot of fear for people who wanted to go out and work. What would happen if my paycheck put me over that threshold? Well, ABLE is the answer.”

The program allows up to $100,000 in savings without affecting federal benefits. Earnings and withdrawals remain tax-free if used for qualified expenses.

Real-life impact:

Frerichs shared stories from families who had to make difficult choices before ABLE accounts existed. 

“I talked to parents who had to tell their children’s employer don’t give my kid a raise,” he said. “I’ve talked to parents who talked with their financial advisors, saying, don’t name your child in your will. We created a system that put parents in horrible positions, but now we have a solution that allows them to do more long-term planning and to truly set their kids up for a better life experience.”

Stephanie Cantor, director of the Illinois ABLE program, said the expansion lets her and thousands like her save for expenses that come with disability. 

“Living with a disability just costs more, and it makes me think of all the ways an ABLE account could have been useful to me over the years to be able to save money and pay for these expenses,” Cantor said.

What’s next:

Illinois has about 8,500 ABLE account holders who have saved $121 million so far. The state treasurer’s office encourages anyone who thinks they may qualify to learn more and apply at illinoisable.com.

The 29th Big Ten men’s basketball tournament starts Tuesday and ends Sunday at the United Center, where the champion will snip down the nets while the NCAA Tournament bracket reveal furiously gets underway.

In keeping with tradition, the NCAA selection committee will claim to have factored the Big Ten final into its seeding even though it — how to put this? — did not.

Unlike last year, when 15 teams made the Big Ten field, this tourney will include all 18 teams and begin a day sooner, because clearly a five-day event just wasn’t long enough.

A team-by-team glimpse, in order of seeding (odds via FanDuel):

1. MICHIGAN (29-2, 19-1)

Next: TBD, 11 a.m. Friday, BTN.

Title odds: +105.

Snip? If the ginormous frontcourt of Yaxel Lendeborg, Aday Mara and Morez Johnson Jr. brutalizes foes like it did Illinois in Champaign, it’s over-and-out for everybody else.

Or slip? Point guard Elliot Cadeau might wear down with injured L.J. Cason unable to spell him.

2. NEBRASKA (25-5, 15-5)

Next: TBD, 5:30 p.m. Friday, BTN.

Title odds: +1000.

Snip? No team plays harder at the defensive end, and the Huskers move the ball beautifully on offense. Is it shooter Pryce Sandfort’s time to shine?

Or slip? Is coach Fred Hoiberg allowed to win a championship at the UC? Asking for a few million friends.

3. MICHIGAN STATE (25-6, 15-5)

Next: TBD, approximately 8 p.m. Friday, BTN.

Title odds: +650.

Snip? Jeremy Fears is one of the best playmakers around, and we are bound by law to say it’s hard to beat Tom Izzo in March.

Or slip? As tough as this team is, it lacks the kind of star power we’ve often seen in green.

4. ILLINOIS (24-7, 15-5)

Next: TBD, approximately 1:30 p.m. Friday, BTN.

Title odds: +470.

Snip? If freshmen Keaton Wagler and David Mirkovic hold up to postseason competition, the shooters around them will give the Illini a shot to win it for the third time in the 2020s.

Or slip? The Illini likely would have to get past Michigan in the semis, and the first meeting was ugly.

5. WISCONSIN (22-9, 14-6)

Next: Washington-USC winner, approximately 1:30 p.m. Thursday, BTN.

Title odds: +3500.

Snip? The team that popped Purdue for 97 points to ruin the Boilermakers’ Senior Day can beat anybody.

Or slip? The team that ham-fisted its way through recent lopsided losses at Ohio State and Oregon isn’t going anywhere.

6. UCLA (21-10, 13-7)

Next: Minnesota-Rutgers winner, approximately 8 p.m. Thursday, BTN.

Title odds: +3500.

Snip? When point guard Donovan Dent is on his game, this offense — particularly shooter Tyler Bilodeau — is dangerous.

Or slip? The Bruins are a different team, and not in a good way, away from home.

7. PURDUE (23-8, 13-7)

Next: TBD, 5:30 p.m. Thursday, BTN.

Title odds: +550.

Snip? Braden Smith, Trey Kaufman-Renn and Fletcher Loyer have been there so many times before.

Or slip? Who would’ve believed the Boilers would tumble all the way to seventh? Something’s off with Matt Painter’s crew.

8. OHIO STATE (20-11, 12-8)

Next: TBD, 11 a.m. Thursday, BTN.

Title odds: +7500.

Snip? Bruce Thornton, the school’s career scoring leader, isn’t the only Buckeye who can fill it up.

Or slip? Statistically, this team is right down the middle in the conference. That has “also-ran” written all over it.

9. IOWA (20-11, 10-10)

Next: Oregon-Maryland winner, 11 a.m. Wednesday, Peacock.

Title odds: +5000.

Snip? Guard Bennett Stirtz is terrific, and first-year coach Ben McCollum’s postseason record (most of it at Northwest Missouri State) is unreal.

Or slip? Stirtz doesn’t have a whole lot in the way of sidekicks.

10. INDIANA (18-13, 9-11)

Next: Northwestern-Penn State winner, 5:30 p.m. Wednesday, BTN.

Title odds: +10000.

Snip? Guard Lamar Wilkerson led the Big Ten in scoring in league play and had multiple 40-plus-point games.

Or slip? Look, it’s a football school and the whole world knows it.

11. MINNESOTA (15-16, 8-12)

Next: Rutgers, approximately 8 p.m. Wednesday, BTN.

Title odds: +30000.

Snip? The Gophers have beaten three higher seeds, one of them Michigan State.

Or slip? Minnesota still hasn’t won this tournament. Why start now?

12. WASHINGTON (15-16, 7-13)

Next: USC, approximately 1:30 p.m. Wednesday, Peacock.

Title odds: +20000.

Snip? The Huskies went 3-3 down the stretch and had late leads in two of the losses.

Or slip? One NCAA win in the last 14 years kind of says it all.

13. USC (18-13, 7-13)

Next: Washington, approximately 1:30 p.m. Wednesday, Peacock.

Title odds: +30000.

Snip? A 4-1 stretch that began at Wisconsin looked really good.

Or slip? There have been seven straight losses since then, and star Chad Baker-Mazara was just booted from the program.

14. RUTGERS (13-18, 6-14)

Next: Minnesota, approximately 8 p.m. Wednesday, BTN.

Title odds: N/A.

Snip? A lot of steals and not many turnovers from this squad.

Or slip? Every league win came against Penn State, Maryland, Oregon or Northwestern.

15. NORTHWESTERN (13-18, 5-15)

Next: Penn State, approximately 6:30 p.m. Tuesday, Peacock.

Title odds: +30000.

Snip? The name’s Nick Martinelli. Perhaps you’ve heard of him.

Or slip? And then there are the rest of the Wildcats.

16. OREGON (12-19, 5-15)

Next: Maryland, 4 p.m. Tuesday, Peacock.

Title odds: +30000.

Snip? The Ducks won four of seven down the stretch. They aren’t total pushovers.

Or slip? Injured Jackson Shelstad isn’t entering the building. At least not in shorts.

17. MARYLAND (11-20, 4-16)

Next: Oregon, 4 p.m. Tuesday, Peacock.

Title odds: N/A.

Snip? Freshman guard Andre Mills has been going off and scored 39 at Northwestern.

Or slip? Uh, the Terrapins still lost in Evanston.

18. PENN STATE (12-19, 3-17)

Next: Northwestern, approximately 6:30 p.m. Tuesday, Peacock.

Title odds: N/A.

Snip? Aside from being utterly terrible at defense, rebounding and three-point shooting, the Nittany Lions are merely subpar.

Or slip? Gee, you think?