Ohio Treasurer Josh Mandel and West Virginia Treasurer John Perdue Announce Launch of WV ABLE for Individuals with Disabilities
West Virginia Becomes Eighth State to Launch Partner Program with Ohio’s STABLE Accounts
Press Release - Ohio Treasurer's Office
COLUMBUS – Ohio Treasurer Josh Mandel and West Virginia Treasurer John Perdue announced on Friday the launch of WV ABLE, tax-free savings accounts for eligible individuals with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, West Virginia becomes the eighth 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 the launch, West Virginia becomes the eighth 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.”
“I’m excited this type of savings program is now available to those who need it most here in West Virginia,” said West Virginia Treasurer John Perdue. “This is an important step toward empowering more individuals in our state to plan for their financial future.”
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 2015, West Virginia enacted HB 2902 which allowed for the establishment of an ABLE savings account program. WV ABLE is administered by West Virginia Treasurer John Perdue.
WV ABLE 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.