Treasurer Sprague, Allen County Announce STABLE Account Partnership
COLUMBUS - In a resolution passed by the board of commissioners last week, Allen County became the third Ohio county to partner with the Ohio Treasurer's office to provide an option that makes it easier for county employees and their families to take advantage of STABLE accounts. The measure allows employees to set up direct deposits from their paychecks into STABLE accounts for themselves or a qualifying family member.
“For individuals living with disabilities and their families, the opportunity to save and invest for the future through a STABLE account can be life-changing,” said Treasurer Sprague. “We appreciate Allen County’s leadership in providing this benefit to county employees. Through this partnership, we’re making the benefits of STABLE accounts more accessible to more Ohioans.”
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).
“I am grateful to Treasurer Sprague for offering the STABLE Account option,” said Allen County Auditor Rachael Gilroy. “Allowing payroll deductions to a STABLE account now provides Allen County employees a unique and beneficial way for them to assist and provide for their family members now and in the future.”
Treasurer Sprague has made it a priority to partner with employers to provide the direct deposit benefit to Ohioans. In 2019, Treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to allow eligible State of Ohio employees to set up recurring direct-deposits from their paychecks into STABLE accounts. In addition, the cities of Cincinnati and Marion, Lake County, Ashtabula County, Edison State Community College and several private sector companies also provide the direct deposit benefit to employees.
Since January 2019, Treasurer Sprague has more than doubled the size of the STABLE Account program. Today, there are more than 22,000 active accounts and there have been over $210 million in total contributions to accounts.
Ohio’s STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. 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.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.