VT-ABLE will allow eligible Vermonters to receive preferred federal tax treatment as they save for disability related expenses like housing, transportation, employment training, and other important needs. VT-ABLE participants will be able contribute up to $14,000 annually – greatly improving the savings options for Vermonters who experience a disability. Treasurer Pearce noted that, “VT-ABLE will help further the goal of empowering more Vermonters to achieve a lifetime of financial well-being.”
“ABLE programs meet several needs. Parents and other relatives want a flexible, low cost way to put aside money for the future of a family member with a disability. Working adults with disabilities want to keep what they earn without frequent adjustments to benefits like Social Security, which has a $2000 asset limit. In either case, the savings remains in the name of the person with the disability, which is empowering. We should all learn the importance of saving,” said Kirsten Murphy, Executive Director of the Vermont Developmental Disabilities Council.
VT-ABLE will be administered through a partnership with the Ohio State Treasurer’s Office. The Vermont/Ohio platform was selected after a lengthy vetting process by the Vermont ABLE Task Force, which met throughout 2015 and 2016 to convene an extensive stakeholder process.
