Illinois State Treasurer’s Office, Springfield, is searching for a provider of Achieving a Better Life Experience plans for Illinois and nine other states, Treasurer Michael W. Frerichs said.
The other states are Alaska, Iowa, Kansas, Minnesota, Missouri, New Jersey, Nevada, Pennsylvania and Rhode Island. The list of states could expand soon. Illinois was the state appointed to issue the RFP.
The selected firm will implement an ABLE plan, a tax-free savings account for people with disabilities, in each state using common elements to achieve efficiency and economies of scale.
Services will include investment management and administration, customer service and outreach support. Plans may be modeled after 529 plans, health savings accounts, or something more custom, Mr. Frerichs said.
The RFP is available on the treasurer’s procurement website.
Proposals are due by 2 p.m. CDT on Aug. 1. Finalist interviews are tentatively scheduled for the week of Aug. 8, with an expected hiring decision the following week. Programs are expected to be launched by early 2017.