Treasurer Stacy Garrity Welcomes Athletes, Promotes PA ABLE at Tioga County Special Olympics Track & Field Competition
Attendees of the track and field event heard the benefits of saving with PA ABLE
Mansfield, PA - Treasurer Stacy Garrity and Special Olympics Pennsylvania today promoted the PA ABLE Savings Program ahead of the Tioga County Special Olympics’ Track and Field Meet at Commonwealth University at Mansfield. Treasurer Garrity helped welcome athletes during opening ceremonies.
PA ABLE (Achieving a Better Life Experience) accounts are a tax-free way for Pennsylvanians with disabilities, and their families, to save without affecting eligibility for important benefits.
“Working with the Special Olympics is incredible. It’s such a great organization, focused on giving individuals living with disabilities the chance to develop physical fitness and life skills, helping them to live more independent and rewarding lives. That matches perfectly with the goal of PA ABLE, which helps Pennsylvanians with disabilities save money without losing access to any important benefits. I encourage everyone who has a family member or friend living with a disability to look into what PA ABLE can do for them.”
Pennsylvania State Treasurer Stacy Garrity
“For over 35 years we have enjoyed hosting over 200 Tioga County athletes at this athletic event. We are very pleased to have Treasurer Garrity join us this year.”
Special Olympics Tioga County Track and Field Coordinator Addie Milheim
ABLE programs have deep bipartisan roots in Pennsylvania. Senator Bob Casey, a Democrat, championed the federal ABLE legislations, which was signed into law in December 2014. State Senator Lisa Baker, a Republican, championed PA ABLE, which was signed into law in April 2016. The first PA ABLE accounts opened in 2017. Since then, the program has grown to more than 9,000 accounts with more than $120 million saved. Over the past three years, assets have nearly tripled.
“For years, people with disabilities were barred from saving for the future, which meant they couldn’t save for a home, purchase needed assistive technology, or save for an accessible car. That is why I worked to create ABLE, to knock down a barrier that people with disabilities face as they work to improve their lives. Almost ten years later, the program has become a lifeline for thousands of people with disabilities across the Nation, with more than $120 million saved in Pennsylvania alone. I’m grateful to Treasurer Garrity for her work to make this program a success and to bring attention to what we’ve accomplished for Pennsylvanians and Americans with disabilities.”
Senator Bob Casey (D-PA)
“Events such as this today highlight the talents and drive of these amazing athletes. PA ABLE helps them and thousands of others showcase these same attributes by giving financial freedom and support to enrich their lives each and every day. PA ABLE has grown quickly, yet still has a bright future that we’re excited to see achieve new heights.”
Senator Lisa Baker (R-20)
Special Olympics Pennsylvania provides year-round sports training and athletic competition in a variety of Olympic-type sports for children and adults with intellectual disabilities, giving them continuing opportunities to develop physical fitness, demonstrate courage, experience joy and participate in a sharing of gifts, skills and friendship with their families, other Special Olympics athletes and the community.
Treasury partners with Special Olympics Pennsylvania to host quarterly webinars about PA ABLE accounts.
PA ABLE offers seven different savings and investment options, including a checking account. PA ABLE account owners can contribute up to $18,000 per year. These contributions can be deducted on Pennsylvania state income taxes, and PA ABLE account owners pay no federal or state income tax on account growth when used for qualified withdrawals.
Over the life of the program, Pennsylvanians have contributed $149.3 million to PA ABLE accounts. More than $43.1 million has been withdrawn for disability-related expenses, like groceries, rent, healthcare, transportation, and longer-term expenses including education and assistive technology.
PA ABLE is the largest program in the 19-member National ABLE Alliance, accounting for more than 25% of total Alliance assets.
Since taking office, Treasurer Garrity has reduced fees three times for PA ABLE account owners. She is the inaugural chair of the National ABLE Savings Plans Network, a part of the National Association of State Treasurers.
Currently, to be eligible to save with an ABLE program, a person’s disability must be onset prior to their 26th birthday. Under the ABLE Age Adjustment Act, this age restriction will rise to 46 starting in 2026 – expanding eligibility to millions more Americans, including one million veterans.
To learn more about program eligibility and how to start saving with PA ABLE, visit paable.gov, email info@paable.gov or call 855-529-2253.
