The MO ABLE program reached 1,000 accounts in mid-April, a major milestone for the program serving people with disabilities.
The program is provided through the federal Achieving a Better Life Experience Act, which allows people with disabilities to save and invest money without losing certain federal benefits, according to the state treasurer’s website.
Launched in April 2017, MO ABLE allows qualified individuals to save up to $15,000 per year, tax-free, according to the release. Prior to the 2014 passage of the ABLE Act, people with disabilities could not have more than $2,000 in assets or they would risk losing benefits.
“Reaching 1,000 accounts has been a goal of mine since taking office three months ago,” Treasurer Scott Fitzpatrick said in the release. “MO ABLE is a program that improves the day-to-day lives of Missourians and their families. I look forward to growing this program further.”
In early April, Fitzpatrick’s office announced a partnership with CoxHealth allowing employees to deposit money from their paychecks directly into MO ABLE accounts, according to the release.
Fitzpatrick also sent a letter to Missouri’s U.S. Congressional delegation urging their support for the ABLE Age Adjustment Act, which raises the eligibility age for ABLE. Currently, participants must have acquired a disability before age 26, according to a news release. The bill being considered would raise the age to 46.
“Raising the eligibility age expands access to the program to millions of individuals with disabilities across the country. Additionally, this expansion would help more than 1 million veterans with disabilities become eligible to open ABLE accounts,” Fitzpatrick wrote in the letter.
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