Treasurer Sprague Recognizes National Disability Employment Awareness Month
(From the Office of the Ohio Treasurer)
October is National Disability Employment Awareness Month, a perfect time to highlight the themes of independence and inclusion in the workplace. Through its STABLE Account program, the Ohio Treasurer’s office is proud to help thousands of individuals thrive in the workforce while being able to save and invest their earnings.
“National Disability Employment Awareness Month is a time to recognize and honor the countless contributions individuals living with disabilities are making to our workforce and economy,” said Sprague. “Ohio is home to many companies and job creators that are committed to creating more inclusive workplaces and exciting employment opportunities for people living with disabilities. In the Treasurer’s office, we’re proud to support these efforts and do our part to help more Ohioans achieve their dreams.”
A STABLE account is a specialized savings and investment account for people living with disabilities that allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).
STABLE accountholders can save up to $18,000 annually without losing federal assistance, and they can save an additional $14,580 each year if they’re employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology, and more.
Under Treasurer Sprague’s leadership, the STABLE Account program has gained popularity in recent years and seen overall participation grow from fewer than 10,000 accounts in January 2019 to more than 43,000 active accounts today.
In April, Treasurer Sprague announced the launch of the STABLE Account Enrollment Incentive to encourage more eligible Ohioans to open an account. Through the incentive, STABLE Account will match the first $25 that an eligible Ohioan contributes when opening a new account. This matched contribution provides new accountholders with an instantaneous boost toward growing their money and beginning their investment journey.
The Treasurer’s office has also partnered with several private and public sector employers across Ohio to offer the STABLE Account Payroll Direct Deposit benefit to employees. Through this initiative, employers enable eligible employees to have a portion of their paycheck deposited directly into a STABLE account for themselves or a qualifying family member.
Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home. For more information about STABLE accounts and to sign up, visit www.stableaccount.com.