PA ABLE Savings Program remains the largest and fastest growing in the National ABLE Alliance
Scranton, PA – Pennsylvania Treasurer Joe Torsella and United States Senator Bob Casey jointly hosted—along with a representative from Sen. John Blake’s office, Rep. Marty Flynn, Rep. Sid Kavulich, Rep. Eddie Day Pashinski, and several advocates for people with disabilities—a resource fair to celebrate the one year anniversary of the Pennsylvania Achieving a Better Life Experience Act (PA ABLE). The Midvalley Pride Squad kicked off the event which also included several local organizations dedicated to assisting Pennsylvanians with disabilities. Those attending the resource fair were able to connect with a variety of services to include PA ABLE representatives. The PA ABLE Savings Program provides tax-exempt accounts for individuals with qualified disabilities and their families and allows them to save sums greater than $2,000 without jeopardizing the benefits they need to live healthy and fulfilling lives.
The PA ABLE has had the fastest growing program of any of the 13 states in the National ABLE Alliance. To date, the PA ABLE Savings Program exceeds $6.7 million in assets, and has 1,234 individual accounts opened.
“Since the launch of the PA ABLE Savings program, I’ve had the opportunity to hear firsthand how the program has transformed lives. I’ve seen the pride of someone who, for the first time, had money saved in their checking account to write their first check – something many of us simply take for granted. Each story is different, but the theme remains the same: Finally, a Pennsylvanian with a disability is able to live more independently without fear of harmful consequences to their supplemental support because of PA ABLE."
Pennsylvania Treasurer, Joe Torsella
The Pennsylvania ABLE Act follows passage of federal legislation by Pennsylvania’s U.S. Senator Bob Casey that authorized states to create ABLE programs. Modeled after 529 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.
“I have always believed that people with disabilities can contribute substantially to our quality of life and to the success of our nation. The ABLE act recognizes that understanding and helps empower individuals with disabilities and their families to save meaningfully for the future. I'm proud to celebrate the program's first year of successes in Pennsylvania and look forward to many more."
U.S. Senator, Bob Casey
ABLE savings accounts are excluded from eligibility determinations for Supplemental Security Income (SSI) benefits (savings up to $100,000, with exceptions), other means-tested federal programs, Medical Assistance, and other state means-tested disability and health benefits programs on which individuals with disabilities must often depend.
Today’s press conference took place during a resource fair held at Marywood University. The resource fair had PA ABLE representatives onsite and available to answer questions or assist with the enrollment process. It also had partners from The ARC of Northeastern Pennsylvania; The Center for Independent Living; United Cerebral Palsy of NEPA; The United Way of Lackawanna and Wayne Counties; and Technology Assisted Children’s Home Program. Prior to press conference, Treasurer Torsella toured the Transitional Skills Center built by the Center for Independent Living.
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