RI Treasury Celebrates First National “ABLE Save Day” With Partnership to Get More RI Families Enrolled in This Tax Advantaged Savings Program

RI Treasury Celebrates First National "ABLE Save Day" With Partnership to Get More RI Families Enrolled in This Tax Advantaged Savings Program

Published on Wednesday, August 14, 2024

Providence, RI - Today, in celebration of the inaugural National Achieving a Better Life Experience (ABLE) Savings Day, Rhode Island General Treasurer James A. Diossa announced a new partnership with Rhode Island Education Collective and the Rhode Island Developmental Disabilities Council (RIDDC). This partnership, which will partially focus on giving relevant information to families of children with an Individualized Education Program (IEP), aims to increase the number of Rhode Islanders who take advantage of the RI ABLE accounts program by 150% by the end of 2026.

ABLE accounts are tax-advantaged savings and investment accounts for individuals with disabilities. They were created upon passage of the federal Stephen Beck Jr., Achieving a Better Life Experience Act of 2014, better known as the ABLE Act.

"RI ABLE enhances financial independence for Rhode Islanders with disabilities by allowing them to save without incurring any penalties on their social security income, Medicaid, and other federal programs," said Treasurer Diossa."Through this partnership, we can ensure more individuals and families in our K-12 education system are aware of and benefit from the program."

"We are proud to work with Treasurer Diossa to support expanding access to the RI ABLE program," said Rhode Island Education Collective Founder and CEO Victor Capellan."Our unique incubation process brings together students, families, educators, and community members to collaborate on solutions. We believe this approach results in strong strategies because it centers community voices."

"ABLE accounts allow for people with disabilities to more fully participate in their community; to work, learn, socialize, and live independently among their Rhode Island neighbors. The Developmental Disabilities Council is excited to work with the Treasurer's office and the Collective to spread the word and assist people in taking advantage of this great program," said RIDDC Executive Director Kevin Nerney.

The Collective will complete a community incubation process by December 2024 and provide strategic a plan set to begin in January 2025 that will raise awareness about RI ABLE's benefits among Rhode Island's most vulnerable communities.

The ABLE Act gives Rhode Islanders with disabilities the opportunity to save and invest for their future, changing the way individuals with disabilities and their families participate in the community, build financial wellness and plan.

For more information, visit RI.SavewithABLE.com or call 888-609-8915.

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