Treasurer Sprague, Ashtabula County Announce STABLE Account Partnership
COLUMBUS – In a resolution passed by the board of commissioners, Ashtabula County became the second 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 recurring direct deposits from their paychecks into STABLE accounts for themselves or a qualifying family member.
“Through this new benefit, it will now be easier for county employees and family members living with disabilities to save and invest in their futures,” said Treasurer Sprague. “We appreciate Ashtabula County’s leadership in broadening the reach of STABLE accounts, and we are committed to developing similar partnerships with more public and private employers across the state.”
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 appreciate the Ohio Treasurer’s leadership on this great program and helping to extend the benefits to our disabled population in Ashtabula County,” said Ashtabula County Auditor David Thomas. “I hope this move for county employees also helps encourage other employers in Ashtabula County to partner with the Ohio Treasurer’s office.”
Since taking office last year, Treasurer Sprague made it a priority to partner with employers to provide the direct deposit benefit to Ohioans. In 2019, Treasurer Sprague and Department of Administrative Services Director Matthew Damschroder announced a collaboration allowing 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, 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 19,000 active accounts and there have been over $170 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.