Ohio Treasurer Josh Mandel and Missouri Treasurer Eric Schmitt Announce Launch of MO ABLE for Individuals with Disabilities
Missouri Becomes Third State to Launch Partner Program with Ohio’s STABLE Accounts
Press Release - Ohio Treasurer's Office
COLUMBUS – Ohio Treasurer Josh Mandel and Missouri Treasurer Eric Schmitt announced today the launch of MO ABLE, tax-free savings accounts for eligible individuals living with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, Missouri becomes the third state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky and Vermont.
STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act passed by Congress in 2014. STABLE Accounts allow individuals with disabilities the opportunity to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI or SSDI. Earnings in STABLE Accounts are not subject to federal income tax, so long as funds are spent on qualified disability expenses.
On June 1, 2016, Ohio became the first state in the country to offer enrollment for eligible individuals living with disabilities. As a leader in this initiative, the Treasurer’s office has been working with other states to offer STABLE Accounts to individuals with disabilities across the country. With today’s launch of MO ABLE, Missouri becomes the third state to launch a partner program with Ohio’s STABLE Accounts. Ohio was also the first state in the country to launch a multistate partner program for ABLE Accounts.
“As Treasurer of Ohio I am proud to serve as administrator of STABLE Accounts,” said Treasurer Mandel. “By assisting individuals and families with saving and investing, we are supporting persons with disabilities to maintain health, independence and quality of life.”
“My wife Jaime and I know firsthand the potential the MO ABLE program has to change lives due to our experience with our twelve year-old son, Stephen, who faces the challenges of several profound disabilities,” said Missouri Treasurer Eric Schmitt. “I’m proud to say individuals living with disabilities in our state finally have a flexible, secure, and accessible way to save for their long-term needs. The peace of mind MO ABLE will bring to Missouri families simply cannot be overstated.”
Under the federal ABLE legislation, which was signed into law on December 19, 2014 with strong bipartisan support, each state is responsible for establishing and operating ABLE accounts. On July 16, 2015, Governor John Kasich signed into law HB 155, which passed unanimously by both the Ohio House and Senate, authorizing the Treasurer’s Office to open and administer these accounts.
On June 29, 2015, Missouri Governor Jay Nixon signed into law SB 174, establishing Missouri’s ABLE Program. The Missouri Treasurer, in conjunction with the Missouri ABLE Board and other state partners, selected a partnership with the Ohio Treasurer’s office as a high-quality and cost-efficient way to bring STABLE Accounts to Missouri.
MO ABLE will be administered through the Ohio Treasurer’s office and will function similarly to Ohio’s STABLE Accounts.
For more information please visit www.stableaccount.com.