Ohio Treasurer Josh Mandel and New Hampshire Announce Launch of STABLE NH for Individuals with Disabilities
New Hampshire Becomes Sixth State to Launch Partner Program with Ohio’s STABLE Accounts
COLUMBUS – Ohio Treasurer Josh Mandel and New Hampshire’s State Treasurer Bill Dwyer and Charles J. Saia, Executive Director of the Governor’s Commission on Disability, announced today the launch of STABLE NH, tax-free savings accounts for eligible individuals living with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, New Hampshire becomes the sixth 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 Hampshire becomes the sixth state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky, Vermont, Missouri, Georgia and South Carolina.
“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.”
"New Hampshire State Treasurer Bill Dwyer and I see STABLE NH as a game changer and another step towards inclusion in the removal of barriers for our residents with disabilities," said Charles J. Saia, Co-Administrator of STABLE NH and Executive Director of the Governor's Commission on Disability.
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 Hampshire enacted SB 265 which allows for the establishment of an ABLE savings account program. STABLE NH is co-administered by New Hampshire State Treasurer Bill Dwyer and Charles J. Saia, the Executive Director of the New Hampshire Governor's Commission on Disability.
STABLE NH 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.