Us Congress 2023-2024 Regular Session

Us Congress House Bill HB10302

Caption

ABLE Employment Flexibility Act

Impact

If enacted, HB 10302 will allow eligible individuals under the ABLE framework to receive employer contributions directly into their ABLE accounts. This is significant as it helps provide financial security for those with disabilities while ensuring compliance with existing retirement contribution regulations. The amendments mean that contributions to ABLE accounts will not be considered as part of the limitation that typically applies to employer-sponsored retirement plans, thereby facilitating a dual-path saving strategy for eligible employees. Furthermore, employers will need to accommodate these changes within their existing plan structures, which may necessitate adjustments in their administrative processes.

Summary

House Bill 10302, known as the ABLE Employment Flexibility Act, proposes amendments to the Internal Revenue Code to permit employers to contribute to ABLE (Achieving a Better Life Experience) accounts instead of traditional retirement plan contributions. The intention behind this legislation is to offer greater financial flexibility for individuals with disabilities, allowing them to save for their future without jeopardizing their eligibility for essential government benefits. This bill addresses a crucial gap in current legislation by enabling persons with disabilities to benefit more fully from employer-sponsored retirement plans through these specially designated accounts.

Contention

While the bill has garnered support for its potential benefits to the disabled community, there may be concerns regarding the added administrative burden that could arise for employers. Some stakeholders might argue that allowing these contributions could confuse employees about their retirement options, balancing between traditional plans and ABLE accounts. However, proponents of the bill argue that enhancing the funding options for individuals with disabilities is a necessary and positive change that will allow them to have more control over their financial future without sacrificing other benefits they may rely on.

Companion Bills

No companion bills found.

Previously Filed As

US HB4644

ABLE Employment Flexibility Act

US SB4911

ABLE Employment Flexibility Act

US HB10296

ABLE Tomorrow Act

US HB10203

Hurricane Helene and Milton Tax Relief Act of 2024

US HB3252

Disaster Housing Flexibility Act of 2025

US HB677

Health Freedom and Flexibility Act

US HB140

Hurricane Helene and Milton Tax Relief Act of 2025

US HB421

Small Business Regulatory Flexibility Improvements Act

US HB3251

Disaster Response Flexibility Act of 2025

US HB7293

Automatic IRA Act of 2024

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