Project Information

Bid Title

RFP Illinois ABLE Program Management Services 370-200-26-021

Issuing Agency

Illinois State Treasurer

Location

Illinois

Published Date

Dec 8, 2025

Closing Date

Jan 7, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP Illinois ABLE Program Management Services 370-200-26-021

RFP Illinois ABLE Program Management Services 370-200-26-021

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Request for Proposals

ABLE Program Management Services

370-200-26-021

December 8, 2025

Proposals due before 1:00 p.m. CT, January 7, 2026

Christopher M. Flynn

Chief Procurement Officer

Office of the Illinois State Treasurer

Marine Bank Building

One East Old State Capitol Plaza

Springfield, Illinois 62701

1

Office of the Illinois State Treasurer

Request for Proposals

ABLE Program Management Services

370-200-26-021

I. OVERVIEW ......................................................................................................................... 3

II. BACKGROUND................................................................................................................... 4

III. RFP SCHEDULE AND PROCESS .................................................................................... 5

IV. EVALUATION ..................................................................................................................... 8

V. PROPOSAL ........................................................................................................................ 11

VI. SERVICES .......................................................................................................................... 23

VII. AGREEMENT TERMS AND CONDITIONS ................................................................ 37

APPENDICES

APPENDIX A: Minimum Mandatory Services Requirements………………………………49

APPENDIX B: Proposed Pricing Structure…………………………………………………...58

APPENDIX C: ABLE Program Customer Service

Performance Standards and Reporting Requirements………….……………61

APPENDIX D: Illinois State Treasurer Certifications,

Disclosures Financial Interest and Potential Conflicts of Interest

Disclosure Form A), and Disclosures Other Contract and

Procurement Related Information (Disclosure Form B)……………………...64

2

I. OVERVIEW

The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals (“RFP”)

for Achieving a Better Life Experience (“ABLE”) program management services.

This RFP seeks the following ABLE program services: (1) investment management, (2)

administrative and recordkeeping services, (3) customer service, (4) marketing, (5) user experience

optimization, and (6) if different from the current provider, conversion services (collectively, the

“Services”) for the ABLE program (“Program”). The Treasurer welcomes Proposals that model best-

practice plan design and services available in the ABLE market (“Proposals”).

Consistent with the authority granted it pursuant to Section 16.6 of the State Treasurer Act (15 ILCS

505/16.6), the Treasurer currently serves as the Facilitating Member of the ABLE Amended and

Restated Interstate Agreement dated August 16, 2022 (“Interstate Agreement”), which addresses the

relationship among members of a multi-state ABLE consortium, the National ABLE Alliance (“the

Alliance”). The Alliance currently consists of 18 member states and one district.

In accordance with the Interstate Agreement, and after a competitive bidding process to a Request

for Proposals facilitated by Illinois, the Treasurer entered into the 2022 Master Agreement (“2022

Master Agreement”) for ABLE program management services with current providers Ascensus

College Savings Recordkeeping Services and Ascensus Investment Advisors (collectively,

“Ascensus”), effective July 1, 2022, and which includes a Termination without Cause provision that

can be implemented as early as June 30, 2026. The Treasurer is the sole signatory to the 2022 Master

Agreement

Subsequent to the implementation of the 2022 Master Agreement, each Alliance member

individually entered into an agreement with Ascensus implementing the Master Agreement with

respect to that particular member (each such agreement an “Implementing Agreement”). The 2022

Master Agreement and each Implementing Agreement set forth the current services provided by

Ascensus and its subcontractors.

The Treasurer may terminate membership in the Alliance based upon the outcome of this RFP and

may consider other states joining or otherwise benefitting from an agreement resulting from this

RFP (“Agreement”).

Entities that respond to this RFP (“Respondents”) shall submit Proposals on or before 1:00 p.m. CT

January 7, 2026.

The Treasurer anticipates that a successful Respondent (“Contractor”) will enter into an Agreement

with the Treasurer for an initial term of four (4) years. Upon expiration of this initial term, the

Treasurer may elect to extend the Agreement for a period of time agreed upon by the parties, not to

exceed a total of ten (10) years, including the initial four (4) years.

3

II. BACKGROUND

This Section discusses the ABLE Act (as defined below) and Contractor engagement.

A. The ABLE Act

The Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 was enacted on December

19, 2014, as part of The Tax Increase Prevention Act of 2014, Public Law (“P.L”). 113-295 and

codified as Section 529A of the Internal Revenue Code of 1986, as amended (“ABLE Act” or

“529A”). The federal government acknowledged that the purpose behind the ABLE Act is to address

the difficulties people with blindness or a disability may have in being able to afford the additional

expenses incurred as a result of their blindness or disability. As a result, the ABLE Act permits states

to establish a tax-advantaged savings program that would assist persons with blindness or disability

in saving for disability-related expenses without jeopardizing their federal means-tested benefits.

States then pass their own legislation to authorize the establishment of ABLE programs.

In December 2017, the ABLE Financial Planning Act was enacted, which amended the Internal

Revenue Code to allow tax-free rollovers from 529 qualified tuition accounts into ABLE accounts.

Additionally, in December 2017, the ABLE to Work Act was enacted, allowing ABLE-eligible

individuals to save additional amounts in an ABLE account above the annual maximum contribution

if they work and earn income.

The Department of Treasury issued final ABLE regulations, effective November 19, 2020 (United

States, Internal Revenue Service, “Guidance Under Section 529A: Qualified ABLE Program,” 85

Fed. Reg. 74010 (Nov. 19, 2020)) (“Final Treasury Regulations”). ABLE programs were required

to be in compliance with the final regulations by November 21, 2022.

In order to own an ABLE account, an eligible individual must have a disability, which is defined as

follows: (1) being entitled to benefits based on blindness or disability under Title II or XVI of the

Social Security Act or having a “disability certification” signed by a licensed physician and (2)

acquiring the disability before the age of 26. ABLE funds may be used for a wide range of qualified

expenditures, so long as they relate to the individual with a disability who is identified as the

designated beneficiary on an ABLE account (“Beneficiary”). The Beneficiary is referred to as an

account owner (“Account Owner”) in this RFP. According to Section 529A, qualified disability

expenses include qualified expenses for education, housing, transportation, employment training and

support, assistive technology and personal support services, health, prevention and wellness,

financial management and administrative services, legal fees, expenses for oversight and

monitoring, and funeral and burial expenses.

The Account Owner may designate an authorized legal representative to act on behalf of the Account

Owner (“Authorized Individual”). This Authorized Individual may be a person, or a company,

organization, either for-profit or not-for-profit, or government agency that is designated to act as an

Authorized Individual for one or more ABLE-eligible individuals (collectively referred to as an

“Entity” or “Entities”).

The current estimate of the national ABLE-eligible population is 8 million people. The disability-

onset age will increase to 46 on January 1, 2026, adding an estimated 6 million people.

4

B. Contractor Engagement

Once a Contractor is selected under this RFP, the Contractor shall enter into an Agreement with the

Treasurer that sets forth the Services described herein, and the Agreement’s terms and conditions as

described in this RFP.

Illinois law and rules shall govern an Agreement resulting from this RFP.

At the discretion of the Treasurer, other states may be added before or after an Agreement is

executed.

Conversion services (if applicable) included under Services in this RFP may be completed on or

after July 1, 2026, but must be completed no later than six (6) months from the date an award is

made under this RFP.

III. RFP SCHEDULE AND PROCESS

This Section provides the schedule and process for this RFP.

A. RFP Schedule

Date

December 8, 2025

December 15, 2025

December 18, 2025

January 7, 2026

Week of January 26, 2026

Week of February 2, 2026

Week of February 9, 2026

Event

RFP published on the Treasurer’s website

All Respondent questions due by 10:00 a.m. CT

Responses to all questions posted on the Treasurer’s

website

Proposals due before 1:00 p.m. CT

Interviews, if any, with final candidates

Best and final offers, if any, due

Notification of award and begin negotiation of Master

Agreement

These dates are subject to change at the Treasurer’s discretion.

B. Contact Information

The Treasurer’s Chief Procurement Officer (“CPO”) listed below is the sole point of contact

concerning this RFP.

Christopher M. Flynn

Office of the Illinois State Treasurer

Marine Bank Building

One East Old State Capitol Plaza

Springfield, IL 62701

cflynn@illinoistreasurer.gov

5

Commodity Codes

• NAICS 541330Engineering Services
• NAICS 541519Other Computer Related Services
• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 541618Other Management Consulting Services

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