Nebraska State Treasurer Don Stenberg and First National Bank of Omaha today announced the Enable Savings Plan will launch nationwide on June 30.
The Enable Savings Plan provides individuals with disabilities an affordable, simple, and straightforward opportunity for financial independence. Account owners can save for their future in tax-free savings accounts and pay for everyday expenses. The Enable Savings Plan will be available to individuals with disabilities living in any state in the United States.
With the launch of the Enable Savings Plan, a program of the Nebraska State Treasurer’s Office, Nebraska will be one of the first states to offer an ABLE plan. The Enable Savings Plan was created with the disability community and designed to meet the needs of potential account owners. Nebraska State Treasurer Stenberg is Trustee of the Enable Savings Plan.
“We’re thrilled to be a pioneer of the ABLE program,” said State Treasurer Stenberg. “We are eager to launch on June 30 so that members of this community can save for their future and the future of their loved ones.”
“First National has a long history of doing what’s right for our customers with NEST 529 college savings plans, and the Enable Savings Plan is a natural extension of our core values and the services we already provide,” said Deborah Goodkin, Managing Director, College Savings Plans, First National Bank of Omaha, and Program Manager for Enable.
“Our team has gathered a great deal of knowledge on what the disability community is looking for in a savings plan, and we have listened carefully to members of the disability community. We look forward to getting Enable accounts open and working with our investors.”
The Enable Savings Plan will provide a range of comprehensive options for families to save. Key attributes of Enable include these:
The Nebraska ABLE Act was approved by the Legislature and signed into law on May 28, 2015, following action by the U.S. Congress. In December 2014, Congress enacted Section 529A of the Internal Revenue Code, allowing for a tax-favored savings program for eligible individuals with disabilities to be used to pay qualified disability-related expenses. The act was called the Achieving a Better Life Experience Act or ABLE.
Both the federal and state legislation were modeled on the state-sponsored 529 College Savings program, which in Nebraska is administered by the State Treasurer.
Under the Enable program, earnings in the accounts will not be subject to state or federal taxes as long as used for qualified disability-related expenses. Federal benefits will not be jeopardized if assets in a beneficiary’s account remain at $100,000 or less.
Enable is a tax-advantaged savings plan to help make saving simple and affordable for individuals with disabilities. The Nebraska State Treasurer serves as Program Trustee. First National Bank of Omaha serves as Program Manager, and investments are approved by the Nebraska Investment Council. Visit EnableSavings.com and treasurer.nebraska.gov for more information.
About First National Bank of Omaha
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $23 billion in assets and 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.