Ohio Treasurer Josh Mandel and Oklahoma Treasurer Ken Miller Announce Launch of Oklahoma STABLE for Individuals with Disabilities
Oklahoma Becomes 11th State to Launch Partner Program with Ohio’s STABLE Accounts
COLUMBUS – Ohio Treasurer Josh Mandel and Oklahoma Treasurer Ken Miller announced today the launch of Oklahoma STABLE, tax-free savings accounts for eligible individuals with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, Oklahoma becomes the 11th 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 this launch, Oklahoma becomes the 11th state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky, Vermont, Missouri, Georgia, South Carolina, New Hampshire, New Mexico, West Virginia, Wyoming and Arizona.
“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 proud to announce the launch of the Oklahoma STABLE Program,” Oklahoma Treasurer Miller added. “Beginning now, qualified individuals in Oklahoma with disabilities can sign up for an Oklahoma STABLE account and start saving for their future and enhanced quality of life.”
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 Oklahoma, HB 2821 was signed into law on May 27, 2016 and established Oklahoma STABLE, managed by the State Treasurer of Oklahoma. The Oklahoma Treasurer’s office 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 Oklahoma residents.
Oklahoma STABLE 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.