Treasurer Sprague, Lake County Announce STABLE Account Partnership
COLUMBUS – In a resolution passed by commissioners today, Lake County became the first county to partner with the Ohio Treasurer’s office to provide an option that makes it easier for county employees and their families to take advantage of STABLE accounts. The measure allows Lake County employees to set up recurring direct-deposits from their paychecks into STABLE accounts for themselves or a qualifying family member.
“I applaud Lake County for their leadership in providing this important benefit to employees,” said Treasurer Sprague. “For those county employees or their family members living with a disability, the commissioners’ vote creates a new opportunity to save and invest in their futures. We hope other local government leaders across the state will join with us and make this benefit available to more Ohioans.”
A STABLE account is a specialized savings and investment account for people with disabilities that allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).
“We are pleased to offer this creative yet secure savings option to the employees of Lake County. The stability that STABLE accounts provide, along with the ease of direct deposit we are now offering, will be a great asset to the hard-working men and women of Lake County,” said Lake County Commission President John Hamercheck. “We thank Treasurer Sprague for working to modernize this program and bringing it to the people of Lake County. We hope that Lake County’s experience will serve as an example to the other counties and businesses in Northeast Ohio.”
Since taking office last year, Treasurer Sprague made it a priority to partner with employers to provide the direct deposit benefit to Ohioans. In 2019, Treasurer Sprague and Department of Administrative Services Director Matthew Damschroder announced a collaboration allowing eligible State of Ohio employees to set up recurring direct-deposits from their paychecks into STABLE accounts. In addition, the City of Cincinnati, Edison State Community College and several private sector companies also provide the direct deposit benefit to employees.
“We thank our Commissioners who have always been so supportive of Lake County citizens with developmental disabilities for extending an opportunity for a unique savings option for employees to plan for the future of their loved ones who are disabled,” said Elfie Roman, Lake County Board of Developmental Disabilities Superintendent.
In his first year in office, Treasurer Sprague grew the STABLE Account program by more than 50%. Today, there are more than 16,000 active accounts and there have been more than $130 million in total contributions to accounts.
Ohio’s STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to STABLE accounts, people with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses. Qualified Disability Expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items.
For more information about STABLE accounts and to sign up, visit www.stableaccount.com.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $20 billion investment and $10 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.