Summit celebrates 10 years of helping people with disabilities to save

A decade ago, federal legislation gave Oregon the opportunity to offer people with disabilities something they'd never had: The chance to save for a better life, without jeopardizing their eligibility for vital benefits.

Fast forward to today, and almost 8,000 people are saving a combined $99 million through the Oregon ABLE Savings Plan, administered by Oregon State Treasury.

On Oct. 2, State Treasurer Tobias Read, savers, educators and disability advocates from across the state gathered to celebrate the milestone anniversary - and also to discuss ways to connect more eligible Oregonians with the life-improving program.

"Beyond the numbers, Oregon ABLE Savings Plan represents something even more significant: it represents empowerment," Treasurer Read said. "It empowers individuals with disabilities to take control of their financial futures, to dream bigger, and plan for the long term. It empowers families to invest in the well-being and success of their loved ones. And it empowers our communities by fostering greater inclusion and financial stability for all."

Also in attendance was state Sen. Sara Gelser Blouin, D-Corvallis, the parent of a young adult with a disability and one of Oregon's most passionate champions for disability inclusion and the Oregon ABLE Savings Plan. In remarks, she criticized the "ridiculous public policy" that penalized saving and led to the necessity of creating ABLE plans.

It is hard to live with a disability, and it can be extremely expensive. Yet before the advent of the Oregon ABLE Savings Plan, people with disabilities were forced to "spend down" their assets every month, because having more than $2,000 would render them ineligible for assistance programs like Social Security Disability payments.

As a result, people with disabilities were functionally forced to subsist in poverty, because they couldn't even save enough to buy a car or rent an apartment.

That's why ABLE plans have been life-altering and profoundly positive. They allow people to accumulate as much as $100,000 without interfering with eligibility for benefits, and those funds can be spent on an array of costs to improve the life of a person with a disability.

Those diagnosed before the age of 26 are eligible, and that "age of onset" will climb to 46 starting in 2026, a result of new federal legislation that expanded who can participate.

The summit introduced beneficiaries of ABLE plans and highlighted efforts of special educators across Oregon to improve visibility: National surveys have found that ABLE plans remain largely unknown to the people who could benefit from them.

Any investment growth is tax-free, if the money is used to improve the life of the eligible person. Oregonians who save are also eligible for a refundable income tax credit up to $180 each year; $360 for joint filers.

Almost every state has a version of an ABLE savings program. Oregon is unique in offering a national version of its plan called ABLE for ALL. Nonresidents can protect assets and invest tax-free-but only state taxpayers are eligible for the annual Oregon income tax credit.