Assets grew by more than $9 million so far in 2019
Harrisburg, PA - Treasurer Joe Torsella today announced that the PA ABLE Savings Program (PA ABLE) has surpassed $20 million in assets, reaching more than $21.1 million. PA ABLE is the largest program in the National ABLE Alliance, with assets increasing by more than $9 million since January 1, 2019. There are currently nearly 3,000 individual PA ABLE accounts open.
“PA ABLE expands opportunities for Pennsylvanians with disabilities and their families — giving them the opportunity to save in ways that were once impossible. Before PA ABLE, Pennsylvanians with disabilities risked losing important benefits if they tried to save their own money. Now they have access to the tools they need to build real wealth and live more independently. This milestone shows that PA ABLE is a valuable and necessary tool for individuals with disabilities in our Commonwealth.”
Pennsylvania Treasurer, Joe Torsella
Saving with PA ABLE does not jeopardize access to state and federal programs, such as Supplemental Security Income (SSI) (savings up to $100,000) and Medical Assistance. Funds saved in PA ABLE accounts can be used to pay for any qualified disability related expense including housing, education, and healthcare costs. PA ABLE accounts also provide tax-advantages including no federal or PA state income tax on savings growth or on qualified withdrawals. PA ABLE accounts are also exempt from PA inheritance tax.
PA ABLE launched in April of 2017 after passage of the PA ABLE Act. Pennsylvania’s U.S. Senator Bob Casey headed efforts to pass the federal legislation authorizing states to create ABLE programs. Former Rep. Bernie O’Neill and Sen. Lisa Baker were instrumental in the passage of Pennsylvania’s ABLE legislation.
To learn more about the opportunity to save with PA ABLE, please visit PAABLE.gov or call 1-855-529-ABLE (2253).
The Pennsylvania ABLE Savings Program is administered by the Pennsylvania Treasury Department. Before investing, please carefully read the Disclosure Statement (available at PAABLE.gov or by calling 855-529-2253) to learn more about the program, including its effect on federal and state benefits, investment objectives, risks, fees, and tax implications.