State Treasurer Riley Moore today commemorated Aug. 14 as the first-ever “National ABLE Savings Day” by encouraging employers, advocates and individuals with disabilities to explore the ways the WVABLE savings program can empower residents to become more financially independent.
“For more than six years, the State Treasurer’s Office’s WVABLE Savings Program has helped hundreds of West Virginians with disabilities achieve a better, more empowered experience in life,” Treasurer Moore said. “I’m proud our state was one of the first to launch this program and that we have continued to advocate for its expansion.”
National ABLE Savings Day was organized by the National Association of State Treasurers to raise awareness of ABLE programs and to encourage families and employers to recognize the benefits these plans provide to help family members, friends and employees with disabilities in reaching their full financial potential.
In 2014, Congress passed a piece of legislation called The Stephen Beck, Jr. Achieving a Better Life Experience Act – the ABLE Act. This legislation enabled state-run savings plans, which are modeled after 529 savings plans, to allow eligible individuals to save and invest money without harming their ability to receive public benefits. The West Virginia Legislature passed a state version of the ABLE Act in 2015, and the program launched under the State Treasurer’s Office on February 9, 2018.
Prior to the passage of the ABLE Act, individuals with a disability were not permitted to save more than $2,000 without being at risk of losing federal needs-based benefits, such as Supplemental Security Income (SSI) and Medicaid.
“Prior to the ABLE Act, individuals with disabilities were penalized if they saved too much money – that was wrong,” Treasurer Moore said. “Now, WVABLE can help individuals with disabilities take responsible steps toward financial independence without the risk of losing other benefits.”
West Virginia residents who developed a disability or blindness before the age of 26 and are eligible for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits, or have a signed Diagnosis Form from a licensed physician, are eligible to open a WVABLE account.
There are currently 816 active accounts with WVABLE, with $7.25 million in total assets under management. The average account balance now stands at nearly $8,900 – more than four-times the previous savings amount allowed prior to passage of the ABLE Act.
During the month of August, new WVABLE accountholders will receive a $25 match of their initial contribution. Treasurer Moore said this incentive is an excellent way for ABLE-eligible West Virginians to jumpstart their savings.
Treasurer Moore in recent years also worked with the state’s Congressional delegation to encourage passage of the Federal ABLE Age Adjustment Act. The new law will raise the age limit for the onset of a disability from before 26 to before 46 when it takes effect in 2026. It is estimated this will increase the number of those eligible for an ABLE account by 6.5 million nationwide, including 1 million veterans.
“We believe the ABLE Age Adjustment Act will significantly help tens of thousands of West Virginians – particularly our state’s brave veterans – who developed a disability later in life by allowing them to start saving with a WVABLE account,” Treasurer Moore said.
WVABLE is administered by the West Virginia State Treasurer’s Office through a partnership with the Ohio Treasurer’s Office STABLE program. For more information, or to sign up for an account, visit WVABLE.com.