Treasurer Sprague, Ross County Announce STABLE Account Partnership
New partnership makes it easier for county employees living with disabilities to save and invest directly from their paychecks
Left to Right: Ross County Auditor Jeff Lehner, Commissioner James Lowe, Treasurer David Jeffers, Ohio Treasurer Robert Sprague, Commissioner Jack Everson, and STABLE Account Director Kenyatta Chandler
COLUMBUS – In a county commissioners meeting today and in conjunction with the start of National Disability Employment Awareness Month, Ohio Treasurer Robert Sprague and Ross County officials announced a new partnership that will make it easier for county employees to take advantage of STABLE accounts. The measure allows eligible employees to opt-in to have a portion of their paycheck deposited directly into a STABLE account for themselves or a qualifying family member.
“STABLE accounts have proven to be life-changers for people living with disabilities, allowing them to save and invest their money without having to fear the loss of important means-tested benefits,” said Treasurer Sprague. “Through this partnership, Ross County is actively commemorating National Disability Employment Awareness Month by taking an important step toward building a more inclusive workplace. Thank you to the Ross County Commissioners and Auditor Jeff Lehner for helping to forge this new partnership and for working with our office to empower more people to work and live more independently.”
A STABLE account is a specialized savings and investment account for people living with disabilities that allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).
“We in Ross County are proud to partner with Treasurer Sprague to expand access to STABLE accounts,” said Dwight Garrett, President of the Ross County Board of Commissioners. “Providing more saving and investing options for Ohioans who qualify is an initiative we're glad to support."
Treasurer Sprague has made it a priority to partner with employers to provide the STABLE Account Payroll Direct Deposit benefit to Ohioans. In 2019, Treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to provide eligible State of Ohio employees with the opportunity to direct a portion of their paychecks into STABLE accounts. In addition, several other public and private sector employers have also partnered with the Treasurer’s office to offer the benefit to employees. With today’s announcement, Ross County is now the seventh Ohio county to provide the payroll direct deposit option to employees.
"Many thanks to Treasurer Sprague for choosing Ross County as his kickoff destination for Disability Employment Awareness Month,” said Ross County Auditor Jeff Lehner. “Workplace inclusivity is a worthy shared value that everyone can get on board with, and I love that Ross County is helping to lead the way."
Since taking office in January 2019, Treasurer Sprague has more than tripled the size of the STABLE Account program, and today, there are more than 36,000 active accounts. Through the program, accountholders can save up to $17,000 each year without jeopardizing federal assistance, and if the accountholder is employed, they can save an additional $13,590 per year.
The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to STABLE accounts, people living with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses. Qualified Disability Expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items.
For more information about STABLE accounts and to sign up, visit www.stableaccount.com.
Observed in October of each year, National Disability Employment Awareness Month commemorates the many contributions and achievements of American workers living with disabilities.
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