Treasurer Sprague, Licking County Announce STABLE Account Partnership

Treasurer Sprague, Licking County Announce STABLE Account Partnership

New partnership makes it easier for county employees living with disabilities to save and invest directly from their paychecks

Left to right: Licking County Treasurer Roy Van Atta, Ohio Treasurer Robert Sprague, STABLE team member Alaina Bowers, Licking County Commissioner Duane Flowers, Licking County Commissioner Tim Bubb

COLUMBUS - Today at the Hartford Fairgrounds, Ohio Treasurer Robert Sprague and county officials announced a new partnership that will make it easier for county employees to take advantage of STABLE accounts. The measure allows eligible employees to opt-in to have a portion of their paycheck deposited directly into a STABLE account for themselves or a qualifying family member.<_o3a_p>

"STABLE accounts empower individuals living with disabilities to achieve greater independence and financial security without having to fear the loss of critical benefits," said Treasurer Sprague. "I want to thank Licking County for their commitment to building a more inclusive workplace. By offering the STABLE Account Payroll Direct Deposit benefit to employees and their families, Licking County will empower more individuals with disabilities to make long-term investing and saving a priority."<_o3a_p>

A STABLE account is a specialized savings and investment account for people living with disabilities that allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).<_o3a_p>

Treasurer Sprague has made it a priority to partner with employers to provide the STABLE Account Payroll Direct Deposit benefit to Ohioans. In 2019, Treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to provide eligible State of Ohio employees with the opportunity to direct a portion of their paychecks into STABLE accounts. In addition, several other public and private sector employers have also partnered with the Treasurer's office to offer the benefit to employees.<_o3a_p>

With this recent announcement, Licking County becomes the tenth Ohio county to provide the payroll direct deposit option to its employees and their families.<_o3a_p>

"Since launching in 2016, the STABLE Account program has empowered Ohioans with disabilities to save and invest without losing critical benefits like Medicaid or SSI," said Licking County Treasurer Roy Van Atta. "We are proud to partner with Treasurer Sprague to facilitate this program in Licking County, breaking down financial barriers and offering a path to independence."<_o3a_p>

Since taking office in January 2019, Treasurer Sprague has more than tripled participation in the STABLE Account program, and today, there are nearly 42,000 active accounts. Through the program, accountholders can save up to $18,000 each year without jeopardizing federal assistance, and if the accountholder is employed, they can save an additional $14,580 per year.<_o3a_p>

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to STABLE accounts, people living with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses. Qualified Disability Expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items. <_o3a_p>

For more information about STABLE accounts and to sign up, visit www.stableaccount.com. <_o3a_p>

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