Pennsylvania Treasurer Joe Torsella said the PA ABLE Savings Program (PA ABLE) finished 2018 with $11.6 million in assets, and almost 1,940 individual accounts open. PA ABLE also hit a significant milestone by receiving a record amount of contributions in a single month—December—more than $1.5 million.
“The PA ABLE Program continues to help Pennsylvanians with disabilities break down the financial barriers that for years held them back. In one year, PA ABLE assets have nearly tripled in value, allowing people with disabilities to finally have the opportunity to build personal wealth and live independently”
Pennsylvania Treasurer, Joe Torsella
The PA ABLE program launched in April of 2017, and continues to be the fastest growing ABLE program of any state in the National ABLE Alliance. In its first year, the PA ABLE program finished 2017 by exceeding more than $4 million in assets.
The PA ABLE Act was passed following federal legislation championed by Pennsylvania’s U.S. Senator Bob Casey that authorized states to create ABLE programs. The legislation to enact the program in Pennsylvania was sponsored by Rep. Bernie O’Neill and Sen. Lisa Baker. Modeled after 529 college savings accounts, PA ABLE provides tax-advantaged savings accounts for individuals with qualified disabilities and their families.
ABLE saving accounts are excluded from eligibility determinations for Supplemental Security Income (SSI) benefits (savings up to $100,000), Medical Assistance, and other federal and state means-tested disability and health benefits programs on which individuals with disabilities often depend.
To learn more about the PA ABLE program, and to open an account please visit: PAABLE.gov or call 1-855-529-ABLE (2253).