Ohio Treasurer Josh Mandel and New Mexico Announce Launch of ABLE New Mexico for Individuals with Disabilities
New Mexico Becomes Seventh State to Launch Partner Program with Ohio’s STABLE Accounts
Press Release - Ohio Treasurer's Office
COLUMBUS – Ohio Treasurer Josh Mandel and New Mexico’s State Treasurer Tim Eichenberg announced today the launch of ABLE New Mexico, tax-free savings accounts for eligible individuals with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, New Mexico becomes the seventh 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, New Mexico becomes the seventh state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky, Vermont, Missouri, Georgia, South Carolina, New Hampshire and New Mexico.
“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.”
“For too long New Mexicans living with disabilities have been left out of the savings and investing conversation – but today that all changes,” said New Mexico State Treasurer Tim Eichenberg. “We are excited to launch ‘ABLE New Mexico’ to help foster a sense of empowerment and inclusion in one of our most vulnerable and underserved populations.”
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.
In 2016, New Mexico enacted HB 61 which allows for the establishment of an ABLE savings account program. ABLE New Mexico is administered by New Mexico State Treasurer Tim Eichenberg.
ABLE New Mexico 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.