Alabama State Treasurer Young Boozer and Nebraska State Treasurer Don Stenberg today announced the signing of a contract between the two states, making the Enable Savings Plan for individuals with disabilities available to Alabama residents. The savings plan will be known as Enable Savings Plan Alabama. Interested Alabamians are encouraged to visit EnableAL.com for more information.
“We are excited to announce the prelaunch of Enable and the partnership with the Nebraska Treasurer’s Office. Enable will encourage and assist individuals and families to save private funds to support individuals with disabilities in order to maintain health, independence, and quality of life,” said Alabama Treasurer Young Boozer.
“As Trustee of Enable, I am optimistic about the future of the tax-advantaged Enable Savings Plan for children and adults with disabilities, and I am committed to making sure the Enable plan serves the needs of Alabama residents, just as it serves the needs of Nebraskans. I look forward to working with Treasurer Boozer to introduce Enable in Alabama and watch it grow,” Stenberg said.
Launched June 30 nationwide, the Enable Savings Plan came about as a result of the federal Achieving a Better Life Experience Act – known as ABLE – passed by Congress in 2014. The act was modeled after state-sponsored 529 college savings programs, like the CollegeCounts 529 Fund available in Alabama and the Nebraska Educational Savings Trust (NEST) in Nebraska. The Alabama Legislature passed the Alabama ABLE Act in June 2015. The Nebraska Legislature passed the ABLE Act in May 2015.
The Enable Savings Plan offers four investment options for savers - growth, moderate and conservative mutual funds, and a bank savings investment option. A checking account option is being developed for implementation at a later date.
“The Enable Savings Plan makes it possible for qualifying children and adults in Alabama to experience greater financial independence and security without jeopardizing the public benefits they already may receive through Supplemental Security Income, Medicaid, or other needs-based programs,” said Treasurer Boozer.
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.