Alabama State Treasurer Young Boozer today announced Enable Savings Plan Alabama will launch on February 26 for Alabama residents with disabilities. The plan allows eligible Alabamians to save for their future and everyday disability-related expenses tax-free without jeopardizing their public benefits.
Enable Alabama is a customized Alabama version of the national Enable Savings Plan, which was created and launched in Nebraska on June 30, 2016. Developed with the disability community, the Enable Savings Plan was designed to best serve the community’s needs, goals, and dreams for the future. Nebraska and Alabama announced their partnership to launch Enable Savings Plan Alabama in December 2016.
“Having seen the success that Enable Savings Plan has had nationwide since its launch in June, we are proud to offer our own customized plan for Alabama residents beginning February 26,” said Alabama Treasurer Young Boozer. “Our focus has been to serve the needs of Alabama residents. We are excited to offer individuals with disabilities an affordable, simple and straightforward savings option that will help them achieve greater financial independence.”
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 Alabama Legislature passed the Alabama ABLE Act in June 2015.
Enable Alabama offers five investment options for savers - growth, moderate and conservative mutual funds, and two FDIC-insured, interest-bearing investment options – a bank savings investment option, and a checking investment option. Account owners can save up to $14,000 annually in their own names, and their total assets can grow to $100,000 without impacting resource-based benefits. Prior to the ABLE Act, people with disabilities generally became ineligible for federal benefits such as Medicaid or Supplemental Security Income if they had more than $2,000 in assets in their name.
About Enable Alabama
Enable Alabama is a tax-advantaged savings plan to help make saving simple and affordable for individuals with disabilities. The State of Alabama, through the ABLE Program Board, contracted with the Nebraska State Treasurer to create Enable Savings Plan Alabama as part of the Trust. 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 EnableAL.com, and treasury.alabama.gov for more information.