CHILLICOTHE, Ohio — In alignment with the onset of National Disability Employment Awareness Month, Ohio Treasurer Robert Sprague, alongside Ross County officials, unveiled a new partnership during a county commissioners meeting today. This initiative is designed to streamline the process for county employees to leverage STABLE accounts. Eligible employees can now elect to have a portion of their pay directly deposited into a STABLE account for themselves or a qualified family member.
“STABLE accounts have proven to be life-changers for people living with disabilities, allowing them to save and invest their money without having to fear the loss of important means-tested benefits,” Treasurer Sprague noted. He appreciated the collaborative efforts of Ross County Commissioners and Auditor Jeff Lehner in making this partnership a reality, which underscores Ross County’s commitment towards fostering a more inclusive workplace during National Disability Employment Awareness Month.
STABLE accounts, a specialized financial tool for individuals with disabilities, offer a secure avenue for saving and investing money without jeopardizing eligibility for certain critical benefits like Medicaid and Supplemental Security Income (SSI).
Dwight Garrett, the President of the Ross County Board of Commissioners, expressed pride in collaborating with Treasurer Sprague to broaden the accessibility of STABLE accounts. He highlighted this initiative as a significant stride in availing more financial management options to qualifying Ohioans.
Since assuming office in 2019, Treasurer Sprague has worked with employers to introduce the STABLE Account Payroll Direct Deposit benefit. Prior collaborations include the 2019 alliance with the Ohio Department of Administrative Services enabling eligible State of Ohio employees to direct a fraction of their pay into STABLE accounts. With today’s announcement, Ross County joins the roster as the seventh Ohio county to provide this payroll direct deposit option.
Ross County Auditor Jeff Lehner conveyed his gratitude towards Treasurer Sprague for selecting Ross County as the launchpad for the Disability Employment Awareness Month. He echoed the sentiment of workplace inclusivity, praising Ross County’s leadership in this initiative.
Under Treasurer Sprague’s stewardship, the STABLE Account program has witnessed exponential growth, tripling in size and currently boasting over 36,000 active accounts. The program permits accountholders to save up to $17,000 annually without forfeiting federal aid. Employed accountholders have the additional benefit of saving an extra $13,590 each year.
The inception of STABLE accounts in 2016, subsequent to the federal Achieving a Better Life Experience (ABLE) Act, marked a paradigm shift. Before this, individuals with disabilities were restricted to a meager $2,000 savings ceiling before losing their benefits. STABLE accounts not only elevate this ceiling significantly but also offer tax-free earnings growth, provided the funds are allocated towards Qualified Disability Expenses like education, housing, or healthcare.
For more insight on STABLE accounts or to enroll, individuals can visit www.stableaccount.com.
National Disability Employment Awareness Month, celebrated each October, honors the myriad contributions and accomplishments of American workers living with disabilities.