Michigan Passes the Michigan Achieving A Better Life Experience (ABLE) Act
Michigan passed the state's ABLE Act on October 28, 2015. The law will become effective on January 26, 2016. Beginning January 1, 2016, ABLE savings accounts may be established under this act. This act falls under rules of Section 529A of the IRC. The State Treasurer will administer the Michigan ABLE savings program and is trustee for the funds of the program. The State Treasurer, in turn, will enter into contract with each program manager. As these plans are developed and marketed, information will be released to the public. Stay tuned.