(From the Office of the Treasurer of Ohio)
In partnership with ABLE Today and the National Association of State Treasurers (NAST), Ohio Treasurer Robert Sprague will deliver a speech on Wednesday, August 14,th as National ABLE Savings Day, an occasion to raise awareness of ABLE account programs and their life-changing benefits. Under Treasurer Sprague’s leadership, Ohio’s version of an ABLE program – STABLE Account – has grown in popularity in recent years, and total participation has grown from fewer than 10,000 accounts in January 2019 to approximately 42,000 active accounts today.
“National ABLE Savings Day is the perfect time to remind Ohioans of the many ways STABLE accounts help people take better control of their financial health,” said Sprague. “We are proud of our efforts to expand the program and make it more accessible through initiatives like the STABLE Account Enroll Incentive and our various partnerships with employers to offer employees the option of direct payroll deposit into the STABLE account.”
In April, Treasurer Sprague announced the launch of the STABLE Account Opening Incentive to encourage more eligible Ohio residents to open an account. As part of the incentive, STABLE Account will match the first $25 an eligible Ohio resident deposits when opening a new account. This matched contribution gives new account holders an immediate boost to grow their money and begin their investing career.
Just last week, Licking County became the 10th…th County is working with the Ohio Treasurer’s Office to offer county employees the option of direct payroll deposit through the STABLE account. In 2019, Treasurer Sprague announced a similar collaboration with the Ohio Department of Administrative Services to provide eligible Ohio State employees the opportunity to deposit a portion of their pay into STABLE accounts. In recent years, several public and private sector employers have worked with the Treasurer’s Office to offer employees this opportunity.
STABLE accounts are 529-like, special savings and investment accounts for people with disabilities. The accounts allow individuals to save and invest their money without fear of losing income-tested benefits such as Medicaid or Supplemental Security Income (SSI). Account holders can save up to $18,000 annually without losing government assistance, and they can save an additional $14,580 each year if they are employed. Earnings in STABLE accounts grow tax-free when spent on qualified expenses, including housing, transportation, living expenses, health care, assistive technology and more.
With a STABLE account, people with disabilities in Ohio can enjoy a higher quality of life and build a secure financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home. For more information about STABLE accounts and to sign up, visit www.stableaccount.com.
