Program grew by $4 million since January 1
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that the PA ABLE Savings Program (PA ABLE) has surpassed $15 million in assets; growing by $4 million since the start of 2019. The PA ABLE Program now has more than 2,100 individual accounts open.
“The PA ABLE Program continues to help Pennsylvanians with disabilities save for a more secure financial future. In just three months, $4.1 million in contributions have been made, and 269 new, individual PA ABLE accounts have been opened. These are our family, friends and neighbors that now have more options on how they plan for future expenses and goals.”
Pennsylvania Treasurer, Joe Torsella
The PA ABLE program launched in April of 2017, and continues to be the fastest growing ABLE program of any state in the National ABLE Alliance. The PA ABLE program finished 2018 with $11.6 million in assets.
The PA ABLE Act was passed following federal legislation championed by Pennsylvania’s U.S. Senator Bob Casey that authorized states to create ABLE programs. The legislation to enact the program in Pennsylvania was sponsored by former Rep. Bernie O’Neill and Sen. Lisa Baker. Modeled after 529 college savings accounts, PA ABLE provides tax-advantaged savings accounts for individuals with qualified disabilities and their families.
“The ABLE Program plays an important role in helping individuals with disabilities and their families attain financial security. I was pleased to work in bipartisan way to enact this law at the federal level and look forward to its continued growth in Pennsylvania and around the country.”
U.S. Senator, Bob Casey
“This is exciting news because it demonstrates how much Pennsylvania families want to secure for their loved ones the range of services and opportunities that will be available and accessible to them because of ABLE. I know we will keep seeing positive results as more families become aware of the program and continue to express their enthusiasm.”
Senator, Lisa Baker
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 often depend.
To learn more about the PA ABLE program, and to open an account please visit: PAABLE.gov or call 1-855-529-ABLE (2253).