Treasurer Sprague, Hancock County Announce STABLE Account Partnership
FINDLAY – In a county commissioner meeting today and in connection with National Disability Employment Awareness Month, Ohio Treasurer Robert Sprague and the Hancock County Commissioners announced a partnership that will make it easier for county employees and their families 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 a life-changing tool for individuals living with disabilities,” said Treasurer Sprague. “Making it easier for people to save and invest their money provides them with greater financial security and peace of mind for their future. We appreciate Hancock County’s strong leadership in broadening the reach of STABLE accounts and their efforts to build a more inclusive workplace.”
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).
“The County believes that partnering with Treasurer Sprague’s STABLE Account program is more than just investing," said Hancock County Commissioner Michael Pepple. "It’s investing for a better life for our employees and their families.”
Treasurer Sprague has made it a priority to partner with employers to provide the 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. Hancock County is the fourth Ohio county to provide the payroll deduction option to employees.
Since January 2019, Treasurer Sprague has more than tripled the size of the STABLE Account program, and today, there are more than 30,000 active accounts. Through the program, account holders can save up to $16,000 each year without jeopardizing federal assistance, and if the account holder is employed, they can save an additional $12,880 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.
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Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.