Five Years of ABLE: Building STABLE Accounts for the Future

Robert Sprague Ohio Treasurer logoBy: Ohio Treasurer Robert Sprague

 

The end of 2019 marked the five-year anniversary of the passage of the Achieving a Better Life Experience (ABLE) Act. As you may know, ABLE empowers people with disabilities by helping them to take better control of their finances and live more independently. After passage of the federal legislation, Ohio was the first state to jump in, launching the STABLE Account program in 2016. Since then, and notably in the last year, the Treasurer’s office has championed the ABLE Act’s purpose
and provided people living with disabilities with a powerful tool to help them plan their financial future.

STABLE accounts are the premier ABLE program in the country, and more than one in four ABLE accounts are STABLE accounts. Since taking office one year ago, our team has made it a priority to grow the program even further and create innovative partnerships that are establishing STABLE accounts as a mainstream financial tool.

(And signing up is easy – just visit www.stableaccount.com.)

The STABLE Account program saw unprecedented growth and success in 2019. Our national presence was cemented in February with the opening of the 10,000th active account. By year’s end, we surpassed 14,000 active accounts, effectively growing overall participation by more than 40 percent. This great news continued into November when STABLE reached $100 million in total participant contributions.

As part of our office’s mission, we’re committed to being bold innovators who improve people’s lives. Our work on STABLE accounts is playing a large part in how we follow through on that mission. New partnerships with the State of Ohio and the City of Cincinnati allow state and city employees to make recurring direct deposits into STABLE accounts. In the coming years, we’ll continue to build these types of partnerships both in the public and private sectors to make contributing to STABLE accounts easier than ever before.

With your help and the support of advocates across Ohio, we’re going to reach even more individuals and have a greater impact in 2020. While a great deal of progress has been made since the ABLE Act became law, I can assure you we’re just getting started.

We look forward to continuing to work with you in the new year. Through the STABLE Account program, we are improving and empowering lives, while also helping to alleviate the financial burdens felt by families across the Buckeye State and nationwide. As always, my door is open, so please do not hesitate to contact me with your thoughts and ideas. Together, we’re helping to build peace of mind and financial security to those living with disabilities.