Treasurer Sprague, Summit County Announce STABLE Account Partnership

Treasurer Sprague, Summit 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: Summit County Council President Rita Darrow, Ohio Treasurer Robert Sprague, Summit County Executive Office Public Information Officer Greta Johnson, and Summit County Assistant Director of Finance and Budget Sarah Buccigross<_o3a_p>

COLUMBUS - During Monday's county council meeting and in conjunction with National Disability Employment Awareness Month, Ohio Treasurer Robert Sprague and Summit 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 have made a real difference for individuals living with disabilities, giving them the opportunity to save and invest their money while protecting essential means-tested benefits," said Treasurer Sprague. "Through this partnership, Summit County is actively commemorating National Disability Employment Awareness Month by making significant strides toward a more inclusive workplace. We extend our gratitude to County Executive Shapiro, Fiscal Officer Scalise, and the Summit County Council for collaborating on this initiative and for their efforts to empower more individuals to work and live independently."<_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>

"Summit County is always looking to provide our employees with the resources they need to thrive in their professional and personal lives. STABLE accounts are a perfect example of this commitment," said Summit County Executive Ilene Shapiro. "It is a simple option, yet one that will make an incredible difference in the lives of those living with a disability and their caregivers. Every person should have the opportunity to save for their future. We appreciate Treasurer Sprague and his team's partnership in bringing this resource to our county."<_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 today's announcement, Summit County is now the eleventh Ohio county to provide the payroll direct deposit option to employees.<_o3a_p>

"As Fiscal Officer, I recognize the longstanding challenges individuals with disabilities have faced in saving for the future without jeopardizing essential government benefits," said Summit County Fiscal Officer Kristen Scalise. "Thanks to the tireless efforts of the disability community, we now have a solution: STABLE Accounts. I extend my gratitude to Treasurer Sprague and his team for their collaboration in bringing this valuable resource to our county, reinforcing our shared mission of financial empowerment for all."<_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>

Observed in October of each year, National Disability Employment Awareness Month commemorates the many contributions and achievements of American workers living with disabilities.<_o3a_p>

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