For Immediate Release
July 13, 2017
Treasurer Torsella Announces Major Milestone for PA ABLE Savings Program
Program surpasses $1 million in assets in just over 3 months
Harrisburg, PA – Treasurer Joe Torsella today announced that the Pennsylvania ABLE Savings Program (PA ABLE) has surpassed $1 million in assets since its launch in April of this year. The $1 million milestone has been surpassed in just over 3 months into the program’s existence in Pennsylvania. PA ABLE provides tax-advantaged savings accounts for individuals with qualified disabilities and their families.
“Pennsylvanians with disabilities have had to remain financially invisible for far too long. After just a few months, PA ABLE account holders have collectively saved more than $1 million and begun participating in a system that used to shut them out. PA ABLE is allowing people with disabilities to build wealth and live independently, often for the first time in their lives. We’re thrilled to keep building this program even further.
This is a proud moment for state elected officials like Rep. Bernie O’Neill and Sen. Lisa Baker, and for Sen. Bob Casey. These public servants have done so much to make the PA ABLE program a reality, and surpassing this milestone is a product of their hard work as well."
Pennsylvania Treasurer, Joe Torsella
Across the Commonwealth, individuals with disabilities face unique financial challenges. Since its launch in April, Pennsylvanians now have the tools to offset the significant, extra costs associated with raising a child or living with a disability, without jeopardizing essential medical assistance or Supplemental Security Income. PA ABLE gives eligible individuals the opportunity to save or invest tax-free, while supporting health, independence and quality of life.
Heidi Havens, (717) 787-2991 or firstname.lastname@example.org
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue.