Ohio Treasurer Josh Mandel and the Wyoming Governor’s Council on Developmental Disabilities Announce Launch of WYABLE for Individuals with Disabilities
Wyoming Becomes Ninth State to Launch Partner Program with Ohio’s STABLE Accounts
Press Release - Ohio Treasurer's Office
COLUMBUS – Ohio Treasurer Josh Mandel and the Wyoming Governor’s Council on Developmental Disabilities announced today the launch of WYABLE, tax-free savings accounts for eligible individuals with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, Wyoming becomes the ninth 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, Wyoming becomes the ninth state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky, Vermont, Missouri, Georgia, South Carolina, New Hampshire, New Mexico and West Virginia.
“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.”
“We are so excited for the opportunity WYABLE will bring to Wyoming, and I am beyond thrilled to represent WYABLE in-house,” said Aleyta Zimmerman, Projects Manager/Policy Analyst and WYABLE Administrator for the Wyoming Governor’s Council on Developmental Disabilities. “This program is a giant leap in the right direction for people with disabilities and their families to breathe a sigh of relief and really open some proverbial doors- we’re making history here.”
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 Wyoming, the Governor’s Council on Developmental Disabilities selected a partnership with the Ohio Treasurer’s office as a high-quality and cost efficient way to bring an ABLE Account savings program to Wyoming residents.
WYABLE 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.