Treasurer Sprague, City of Marion Announce STABLE Account Partnership
COLUMBUS – In a resolution passed by city council, Marion became the second Ohio city to partner with the Ohio Treasurer’s office to provide an option that makes it easier for city 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.
“I applaud the City of Marion for their leadership and support of employees and their families,” said Treasurer Sprague. “With this new benefit, city employees and their family members living with a disability will more easily be able to save and invest in their futures. We remain committed to growing the STABLE Account program and providing the direct deposit option to more Ohio workers and their families.”
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).
“The City of Marion is proud to partner with the Ohio Treasurer’s office to make it easier for our hard-working employees and their families to contribute to STABLE accounts. When Marion families have access to resources they need, our community is lifted up and becomes more resilient,” said Marion City Auditor Robert Landon. “We thank the team at the Ohio Treasurer’s office for their assistance, and my office will continue to find ways to support employees of the City of Marion and its citizens.”
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 City of Cincinnati, 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.
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.