Treasurer Sprague, Portage County Announce STABLE Account Partnership

Treasurer Sprague, Portage County Announce STABLE Account Partnership

New partnership makes it easier for county employees living with disabilities to save and invest directly from their paychecks

COLUMBUS - As part of its Thursday meeting, the Portage County Board of Commissioners adopted a resolution to begin utilizing the STABLE Account Payroll Direct Deposit benefit. This newly forged partnership with the Ohio Treasurer's office will make it easier for county employees to take advantage of STABLE accounts, as it allows eligible employees to opt-in to have a portion of their paycheck deposited directly into a STABLE account for themselves or a qualifying family member.

"STABLE accounts have proven to be a game-changer, as they have empowered thousands of Ohioans to take greater control over their financial future," said Treasurer Sprague. "Recent years have seen the STABLE Account program grow in popularity, but that success has only been made possible through the ongoing support of so many organizations across the State of Ohio. I want to thank the Portage County commissioners and Auditor Kelly for working to foster a more inclusive workplace and helping to make this newest partnership a reality. By offering the STABLE Account Payroll Direct Deposit option for employees and their families, Portage County will help more people with disabilities to save and invest for the years to come."

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).

"This is a great example of doing the right thing to benefit our disabled population in Portage County. I commend the leadership of Treasurer Sprague and his staff for the focus on this great program," said Portage County Auditor Matt Kelly.

Treasurer Sprague has made it a priority to partner with employers to provide the STABLE Account Payroll Direct Deposit benefit to Ohioans. In 2019, Treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to provide eligible State of Ohio employees with the opportunity to direct a portion of their paychecks into STABLE accounts. In addition, several other public and private sector employers have also partnered with the Treasurer's office to offer the benefit to employees.

With this recent announcement, Portage County becomes the ninth Ohio county to provide the payroll direct deposit option to its employees and their families.

"The Ohio Treasurer's STABLE Account program offers a groundbreaking opportunity for individuals with disabilities in Portage County to achieve greater financial independence and security," said Commissioner Sabrina Christian Bennett. "By allowing participants to save and invest without losing eligibility for vital benefits programs, STABLE accounts empower individuals to build a more stable and self-reliant future."

Since taking office in January 2019, Treasurer Sprague has more than tripled the size of the STABLE Account program, and today, there are more than 40,000 active accounts. Through the program, accountholders can save up to $18,000 each year without jeopardizing federal assistance, and if the accountholder is employed, they can save an additional $14,580 per year.

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to STABLE accounts, people living with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses. Qualified Disability Expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items.

For more information about STABLE accounts and to sign up, visit www.stableaccount.com.

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