Vermont Business Magazine Vermont State Treasurer Beth Pearce today launched a video to raise awareness about the VermontABLE program and provide information about how Vermonters with disabilities can enroll in the tax-free investment plan to save for qualified expenses.
“VermontABLE is a great saving option for Vermonters with disabilities,” said Treasurer Beth Pearce. “Since launching in 2017, more than 350 VermontABLE accounts have been opened, allowing participants to save more than $1.47 million. We want every Vermonter to know about the benefit of signing up for an ABLE account. We encourage Vermonters to visit www.vermontable.com or call 1-800-439-1653 to see if they, or a loved one, are eligible to start saving.”
VermontABLE gives individuals with disabilities the ability to invest up to $15,000 annually without impacting eligibility for certain benefits, like Medicaid and SSI. Participants can invest savings through five different investment options, and access online electronic funds transfers, easy withdrawals, and a loadable debit card. As of the most recent reporting quarter, VermontABLE participants had an average account balance of $4,772.09, which is approximately $2,700 over the benefit cliff level for individuals on means-tested programs.
The Treasurer’s Office has worked collaboratively with stakeholders around the state, and across the country, to increase awareness about ABLE savings accounts. Prior to the 2017 launch of VermontABLE, the Treasurer’s Office partnered with the Vermont Development Disabilities Council, Vermont Center for Independent Living, and Green Mountain Self Advocates, to develop the program. Treasurer Pearce shared this collaborative approach as 2018 President of the National Association of State Treasurers (NAST), sparking the idea to produce a video to promote ABLE accounts. NAST affiliates will share the video in their states this winter.
“ABLE accounts are an important tool for Vermonters, and Americans, with disabilities. I want to thank the National Association of State Treasurers, and public finance officials from across the country, who worked together to produce and share this outreach video,” said Pearce.
Vermonters who want to learn more about VermontABLE can visit www.vermontable.com
Source: MONTPELIER, VT — Vermont State Treasurer 1.13.2020