Treasurer Sprague to Recognize August 14 as National ABLE Savings Day

08/14/24

In conjunction with ABLE Today and the National Association of State Treasurers (NAST), Ohio Treasurer Robert Sprague will recognize Today, Wednesday, August 14th as National ABLE Savings Day, a time to increase awareness about ABLE Account programs and their life-changing benefits. Under Treasurer Sprague's leadership, Ohio's iteration of an ABLE program - STABLE Account - has gained popularity in recent years and seen overall participation grow 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 are empowering people to take better control of their financial health," said Sprague. "We're proud of our efforts to expand the program and make it more accessible through initiatives like the STABLE Account Enrollment Incentive and our various partnerships with employers to offer the STABLE Account Payroll Direct Deposit option to those in the workforce."

In April, Treasurer Sprague announced the launch of the STABLE Account Enrollment Incentive to encourage more eligible Ohioans to open an account. Through the incentive, STABLE Account will match the first $25 that an eligible Ohioan contributes when opening a new account. This matched contribution provides new accountholders with an instantaneous boost toward growing their money and beginning their investment journey.

Just last week, Licking County became the 10th county to partner with the Ohio Treasurer's office to offer the STABLE Account Payroll Direct Deposit benefit to county employees. In 2019, Treasurer Sprague announced a similar 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. Over the last several years, several public and private sector employers have partnered with the Treasurer's office to offer the benefit to employees.

STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities. The accounts allow individuals to save and invest their money without fearing the loss of means-tested benefits like Medicaid or Supplemental Security Income (SSI). Accountholders can save up to $18,000 annually without losing federal assistance, and they can save an additional $14,580 each year if they're employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology, and more.

Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong 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.