Bill Would Allow Employers to Match ABLE Contributions
U.S. Representatives Elissa Slotkin (D-MI) and Mike Kelly (R-PA) have introduced the Saving to Achieve a Better Life Experience (STABLE) Act, which would allow employers to make matching contributions to an employee’s ABLE savings account. The bill would treat ABLE accounts like 401(k) savings accounts, allowing employers to match employee contributions.
The STABLE Act will:
- Allow employers to match employee contributions to an ABLE account up to $7,500 without affecting an employee’s taxable income.
- Ensure that employers can contribute to both employees’ 401(k) accounts and ABLE accounts, allowing employees to benefit from both benefit programs simultaneously.
FMI: To read the bill or track its progress, go to https://www.congress.gov/bill/116th-congress/house-bill/4795.