Statement from Ohio Treasurer Robert Sprague
In response to Cincinnati City Council’s vote to provide the option for city employees to set up recurring direct-deposits from their paychecks into STABLE accounts, Ohio Treasurer Robert Sprague released the following statement:
“I applaud the City of Cincinnati and its leaders for making the city the first local government in Ohio to provide this great benefit to employees. Whether it’s a city employee or a member of their family living with a disability, today’s vote creates a new opportunity for more individuals to take advantage of all that STABLE accounts have to offer – most importantly, the peace of mind that comes with a plan for the future. We hope that local governments across the state follow the City of Cincinnati’s lead and work with our team to provide this benefit to more Ohioans.”
In April, Treasurer Sprague and Department of Administrative Services Director Matthew Damschroder announced a collaboration that allows State of Ohio employees to set up recurring direct-deposits from their paychecks into STABLE accounts.
Ohio’s STABLE program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. 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).
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.