Sen. Satchell’s ABLE program launched at General Treasurer’s press conference
STATE HOUSE – Families of disabled children will be able to open tax-free investment accounts to support services for them in adulthood as the “Achieving a Better Life Experience” (ABLE) program was kicked off today at a press conference in the State House held by General Treasurer Seth Magaziner. The program resulted from legislation (2016-S 0465A) sponsored by Sen. Adam J. Satchell (D-Dist. 9, West Warwick) that was passed last legislative session and signed into law.
The "Achieving a Better Life Experience" (ABLE) account program allows the creation of federally recognized investment accounts similar to 529 college savings programs for individuals with disabilities. Family members and loved ones can deposit money into the accounts, to be invested on the individual's behalf. When the child reaches adulthood, funds can be used to offset qualified expenses related to education, housing, transportation, employment training and support, assistive technology and personal support services, health prevention and wellness, financial management services, and more.
“I am very happy that Rhode Island families with disabled children are now able to utilize this innovative and extremely helpful program to provide financial security for their children in the future,” said Senator Satchell. “The challenges that families with disabled children face can often be daunting, but with the ABLE program, they can now hopefully breathe a sigh of relief when it comes to financial planning for their children’s future.”
An individual is eligible for an account if he or she has a physical or development disability that occurred before age 26. ABLE accounts will not qualify as assets for determining income eligibility for state or local assistance programs, such as Medicaid. As many assistance programs require people to have little to no assets, this legislation will help families access the services needed by children with disabilities when they transition out of school and related programs.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903