Ohio Treasurer Josh Mandel and South Carolina Treasurer Curtis M. Loftis, Jr. Announce Launch of SC ABLE for Individuals with Disabilities
South Carolina Becomes Fifth State to Launch Partner Program with Ohio’s STABLE Accounts
Press Release - Ohio Treasurer's Office
COLUMBUS – Ohio Treasurer Josh Mandel and South Carolina Treasurer Curtis M. Loftis, Jr. announced today the launch of SC ABLE, tax-free savings accounts for eligible individuals with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, South Carolina becomes the fifth state to launch a partner program with Ohio’s STABLE Accounts.
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 national 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, South Carolina becomes the fifth state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky, Vermont, Missouri and Georgia.
“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.”
“ABLE legislation is helping empower people with disabilities,” said South Carolina Treasurer Curtis M. Loftis, Jr. “I am proud of SC ABLE, the commitment to our citizens with disabilities it represents, and the opportunity for financial independence it provides them.”
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 April 29, 2016, then South Carolina Governor Nikki Haley signed into law HB 3768, which established the South Carolina ABLE Savings Program and gave the State Treasurer the authority to implement ABLE Accounts in South Carolina. South Carolina Treasurer Curtis M. Loftis, Jr., in conjunction with other state partners and advocates, selected a partnership with the Ohio Treasurer’s office as a high-quality and cost-efficient way to bring these accounts to South Carolinians with disabilities.
SC 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.