Treasurer Sprague, Medina County Announce STABLE Account Partnership
COLUMBUS – Ohio Treasurer Robert Sprague and the Medina County Commissioners today announced a partnership that will make it easier for county employees and their families to take advantage of STABLE accounts. The measure allows eligible employees to opt-in to have a portion of their paycheck deposited directly into a STABLE account for themselves or a qualifying family member.
“I applaud Medina County for their leadership and support of employees and their families,” said Treasurer Sprague. “STABLE accounts make it easier for people to save and invest their money, providing them with greater financial security and peace of mind for their future. Through this partnership, we’re broadening the reach of STABLE accounts and helping to build more inclusive workplaces.”
A STABLE account is a specialized savings and investment account for people living 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 was proud to be a co-sponsor in the 131st Ohio General Assembly of House Bill 155 which helped create the STABLE Account program administered by Ohio Treasurer Sprague,” said Medina County Commissioner Steve Hambley. “Under his leadership, the program continues to expand statewide in assisting numerous families and people with disabilities. Under STABLE they can invest in tax-free savings accounts that prepare for their future needs and help them maintain a healthy, independent, and quality lifestyle. Medina County is grateful for the opportunity to partner with Treasurer Sprague and his team in offering these benefits to our employees and their families.”
Treasurer Sprague has made it a priority to partner with employers to provide the payroll deduction benefit to Ohioans. In 2019, Treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to provide eligible State of Ohio employees with the opportunity to direct a portion of their paychecks into STABLE accounts. In addition, several other public and private sector employers have also partnered with the Treasurer’s office to offer the benefit to employees. Medina County is the fifth Ohio county to provide the payroll deduction option to employees.
Since January 2019, Treasurer Sprague has more than tripled the size of the STABLE Account program, and today, there are more than 31,000 active accounts. Through the program, account holders can save up to $16,000 each year without jeopardizing federal assistance, and if the account holder is employed, they can save an additional $12,880 per year.
The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to STABLE accounts, people living 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.