ABLE Savings Plans Now Available Nationwide
June 2, 2016
Intuition ABLE Solutions (IAS) and Ohio Treasurer Josh Mandel’s office announced the launch of the first ABLE Savings Plan in the nation this week. These plans are available for the first time to eligible individuals with disabilities throughout all 50 states. Known as STABLE Accounts, these tax-free savings and investment accounts give individuals with disabilities the opportunity to save and invest money without risking their for federal benefits such as Medicaid, , or SSDI.
Intuition ABLE Solutions, backed by the experience and resources of the longest-standing 529 college savings plan administrator, is uniquely positioned to become the industry leader in ABLE Savings Plan program management. “It is exciting to oversee the operation of the first-of-its-kind program to offer these much-anticipated plans,” said Maria Padin, Program Manager of IAS. “This launch is the result of a year of establishing, planning, training, programming, and testing. We are proud to support the Ohio Treasurer’s office and their plan holders.”
Congress passed the ABLE (Achieving a Better Life Experience) Act in December 2014 with overwhelming bipartisan support. The bill aims to ease the financial burden for individuals with disabilities by allowing them to save money tax-free for qualified expenses such as education, housing, and transportation. The legislation amends the existing IRS section 529 code, which currently provides tax benefits for qualified college savings accounts.
To learn more about the Ohio Treasurer of State STABLE Account, call 1-800-228-1102 or visit www.stableaccount.com.