CHARLESTON –State Treasurer Riley Moore today marked the 10th anniversary of the Achieving a Better Life Experience (ABLE) Act, which provided a groundbreaking financial tool for eligible people with disabilities across the country.

“This critical savings program provides individuals with disabilities the ability to achieve financial independence without the risk of losing essential federal benefits,” Treasurer Moore said. “We’re proud to say it’s grown rapidly since its inception, and we look forward to helping it empower many more West Virginians in the years to come.”

Since the bill was signed into law in 2014, ABLE savings accounts have helped people across the nation, including those in West Virginia, save and pay for essential expenses. Prior to the passage of the ABLE Act, individuals with a disability were not permitted to save more than $2,000 without being at risk of losing federal needs-based benefits, such as Supplemental Security Income (SSI) and Medicaid.

The West Virginia Legislature passed a state version of the ABLE Act in 2015, and the program launched under the State Treasurer’s Office on February 9, 2018.

Under the WVABLE program, individuals who developed their disability before the age of 26 can open what’s known as a STABLE account, which is similar to a 529 college savings account. Contributions up to $18,000 annually may be made, and for the employed beneficiary an additional $14,580 may be contributed for an annual total of $32,580. In addition to the state tax benefits for contributions, investment earnings grow tax-free and withdrawals for qualified expenses are tax-free as well.

West Virginia residents may set up WVABLE savings accounts at www.WVABLE.com. Money in a WVABLE account can be used for a wide range of qualified disability-related expenses such as medical bills, housing, transportation, education and assistive technology.

“Before the ABLE Act, individuals with disabilities were penalized if they saved too much money — this was wrong,” Treasurer Moore said. “Penalizing people for taking responsible steps toward financial independence accomplishes nothing but to keep them poor and dependent. That’s why WVABLE has been such a tremendous help.”

Since the launch of ABLE accounts, more than 186,000 accounts have been opened nationwide, with more than $2.1 billion saved for future needs with an average account balance of $11,600.