Delaware State Treasurer Ken Simpler has announced that Delaware will join a multi-state consortium known as the National ABLE Alliance to establish an Achieving a Better Life Experience program. The decision to join the Alliance was approved by the State's Plans Management Board after an extensive, yearlong review conducted by the Office of the State Treasurer and the board's ABLE Task Force.
Soon Delawareans with a qualified disability will be able to own and maintain a tax-advantaged account to save and pay for disability-related expenses while preserving their federal benefits. As a member of the National ABLE Alliance, Delaware will share in the efficiencies and benefits of having a common program manager while retaining the ability to customize key features of the ABLE program to meet the needs of Delawareans with disabilities.
"First and foremost, our priority is to provide Delawareans with disabilities a fiscally sound means to achieve a more secure economic future," Simpler said in a statement. "ABLE accounts will empower them to make long-term planning decisions according to their specific needs."
Alaska, Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Montana, Nevada, New Jersey, North Carolina, Pennsylvania, and Rhode Island as well as the District of Columbia are members of the National ABLE Alliance. Delaware joins these states in working together to create a shared platform to drive down costs for participants while providing robust features and investment products.
"The National ABLE Alliance proudly welcomes Delaware to the multi-state consortium," said Illinois Treasurer Michael Frerichs. "Delaware's Office of the State Treasurer has been a strong advocate for the ABLE program and an active participant in discussions since the beginning. We are excited that our partnership will allow the Delaware disability community to take advantage of this new savings and investment program for people with disabilities at the lowest cost in the nation."
Eligibility for ABLE accounts is limited to persons with a qualified disability that onset before the age of 26. Funds in the accounts can be used to pay for education, healthcare, transportation, housing and other disability-related living expenses. Earnings on investments in ABLE accounts accumulate tax free and are never taxed so long as they are applied toward qualifying expenditures. For more information about ABLE, visit the Delaware State Treasurer's website at https://treasurer.delaware.gov/able-program.