Program surpasses $10 million in assets saved by Pennsylvania families
Harrisburg, PA – Treasurer Joe Torsella today announced that the Pennsylvania ABLE Savings Program (PA ABLE) has surpassed $10 million in assets, and more than 1,700 accounts opened since its launch in April 2017. PA ABLE provides tax-advantaged savings accounts for people with qualified disabilities and their families.
“Less than two years ago, following the hard work of many, the financial future for Pennsylvanians with disabilities was forever changed. Through the PA ABLE Program – for the first time –people with disabilities have the opportunity to build real wealth. More importantly though, it is helping empower people to dream and plan for the future.”
Pennsylvania Treasurer, Joe Torsella
Launched in April 2017, the PA ABLE Act was passed following federal legislation by Pennsylvania’s U.S. Senator Bob Casey, and state legislation led by Senator Lisa Baker and Representative Bernie O’Neill. This legislation authorized states to create their own ABLE programs. Modeled after 529 college savings accounts, ABLE accounts allow people with qualifying disabilities and their families to save for a wide range of disability-related expenses tax-free and provides investment options offered to encourage saving private funds to support health, independence and quality of life.
Across the Commonwealth, people with disabilities face unique financial challenges. Pennsylvanians now have the tools to offset the significant, extra costs associated with living with a disability without jeopardizing essential medical assistance, Supplemental Security Income, and other important benefits.
The PA ABLE Program continues to be one of the fastest growing ABLE programs of any state in the National ABLE Alliance. Within three months of launching, the PA ABLE program surpassed $1 million in assets and finished 2017 with more than $4 million in assets.