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Encourages Pennsylvanians with disabilities to save with PA ABLE
Harrisburg, PA — Pennsylvania Treasurer Stacy Garrity today celebrated the 10th anniversary of the federal Stephen Beck, Jr. Achieving a Better Life Experience Act – or ABLE Act, by encouraging Pennsylvanians with disabilities to learn more about the PA ABLE Savings Program.
Passage of the ABLE Act paved the way for programs like PA ABLE to begin helping people with disabilities achieve financial goals by providing access to tax-advantaged savings options, without impacting eligibility for essential federal benefits like Supplemental Security Income and Medical Assistance.
“Before ABLE, saving for the future was impossible to do for too many Pennsylvanians, which was a disgrace,” Treasurer Garrity said. “Thankfully, Americans with disabilities can now live more independently and save for the future. I’m grateful that this tremendous program has increased opportunities for people with disabilities and their families for 10 years, and I encourage everyone to learn more about PA ABLE.”
The ABLE Act was championed by U.S. Senator Bob Casey and was signed into law on December 19, 2014. Since then, 46 states plus Washington D.C., have established ABLE programs. More than 187,000 ABLE accounts have been opened nationwide, with more than $2.0 billion saved for future needs.
“I’ve spent my career fighting to ensure that people with disabilities have the opportunity to live full, healthy, and independent lives. ABLE is a commonsense, bipartisan program that serves as a lifeline to financial independence for thousands of people across the Commonwealth,” Sen. Casey said. “I thank Treasurer Garrity for working to make this program so successful in Pennsylvania and I will keep fighting to ensure that all those with disabilities have the tools, resources, and support they need to reach their full potential.”
PA ABLE was passed as Senate Bill 879 and signed into law in 2016 with instrumental support from Sen. Lisa Baker and former Rep. Bernie O’Neill. The first PA ABLE account was opened in 2017. PA ABLE is now one of the largest programs in the country, with nearly 10,000 accounts and more than $143 million saved.
“Everyone who had a hand in creating this program feels a sense of joy over how many Pennsylvania families have had the chance to open doors for loved ones living with a disability,” Sen. Baker said. “ABLE is a wonderful example of what kind of public good can result when officials at every level of government cooperate to meet an important community need.”
PA ABLE offers multiple investment options and account owners can contribute up to $18,000 annually. No federal or Pennsylvania state income tax paid on account growth when it is used for qualified expenses such as day-to-day expenses like groceries and rent as well as long-term expenses like assistive technology, adaptive vehicles and much more.
In November, Treasurer Garrity announced a fee cut for ABLE account owners after the National ABLE Alliance, of which Pennsylvania is the largest member, surpassed 45,000 funded ABLE accounts. This is the fifth time PA ABLE fees have been reduced since Treasurer Garrity took office.
Treasurer Garrity serves as the inaugural chair of the National ABLE Savings Plans Network (ASPN), a part of the National Association of State Treasurers (NAST). The network’s goal is to increase awareness and use of ABLE accounts through advocacy and collaboration.
Starting in 2026, thanks to the ABLE Age Adjustment Act, also championed by Senator Casey, millions more Americans, including one million Veterans, will become eligible to save with ABLE programs. Currently, a person’s disability must have onset prior to their 26th birthday to save with an ABLE program. The ABLE Age Adjustment Act will increase that age to 46.
To learn more about PA ABLE, and how to start saving, visit paable.gov, email info@paable.gov or call 855-529-2253.
STACY GARRITY, STATE TREASURER
Infromation provided to TVL by:
Samantha Heckel
