Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that the Pennsylvania ABLE Savings Program (PA ABLE) finished 2017 by exceeding more than $4 million in assets, and almost 1,000 individual accounts opened. This represents the fastest growth for an ABLE program of any state in the National ABLE Alliance. The PA ABLE Savings Program provides tax-advantaged savings accounts for individuals with qualified disabilities and their families.
"Since the launch of the PA ABLE program less than a year ago, hundreds of Pennsylvanians with disabilities and their families are able—for the first time—to save money without fearing detrimental consequences to their much-needed support. The PA ABLE program has created an opportunity that provides a substantial impact that goes far beyond the measure of a dollar. This program is changing lives, and redefining futures.”
Pennsylvania Treasurer, Joe Torsella
Launched in April 2017, the PA ABLE Act follows passage of federal legislation by Pennsylvania’s U.S. Senator Bob Casey that authorized states to create ABLE programs. Modeled after college savings accounts, ABLE accounts allow individuals with qualifying disabilities and their families to save for a wide range of disability-related expenses tax-free and provides investment options offered to encourage saving private funds to support health, independence and quality of life.
ABLE saving accounts are excluded from eligibility determinations for Supplemental Security Income (SSI) benefits (savings up to $100,000), Medical Assistance, and other federal and state means-tested disability and health benefits programs on which individuals with disabilities must often depend.
Under the PA ABLE Savings program:
- Eligible individuals can save up to $15,000 each year.
- Accounts grow tax-free.
- Accounts can be used to pay for a wide range of disability-related expenses.
- Contributions can be deducted on Pennsylvania incomes taxes (limitations apply).
- Accounts are exempt from Pennsylvania inheritance tax.
To learn more about the PA ABLE program, and to open an account please visit: www.paable.gov.