Treasurer Pearce describes the VermontABLE savings program for people with disabilities. With her is Governor Scott, other officials and advocates. Treasurer's office photo.
Vermont Business Magazine Vermont State Treasurer Beth Pearce announced today that Vermonters with disabilities can now start saving and investing in tax-advantaged VermontABLE accounts, making Vermont one of only a handful of states to offer a plan since President Obama signed the Achieving a Better Life Experience (ABLE) Act into law in December 2014. The Treasurer was joined today by Governor Phil Scott, Lieutenant Governor David Zuckerman, Kirsten Murphy of the Vermont Developmental Disability Council, Max Burrows of Green Mountain Self-Advocates, Representative Bill Botzow (Bennington-1) who chairs the House Commerce and Economic Development Committee, as well as representatives from Vermont’s Congressional delegation.
VermontABLE accounts will allow individuals with disabilities the opportunity to save and invest up to $14,000 per year without being removed from public benefit programs. VermontABLE will also allow eligible Vermonters to receive preferred federal tax treatment as they save for disability related expenses like housing, transportation, employment training, and other important needs.
“This program will greatly improve the savings options for Vermonters with disabilities,” said Treasurer Beth Pearce. “VermontABLE will help further the goal of empowering more Vermonters to achieve a lifetime of financial well-being.”
VermontABLE will allow Vermonters to enroll in a savings plan through a secure web portal at VermontABLE.com. A range of saving plans will be available to eligible Vermonters with user-friendly functionality to allow online electronic funds transfers, easy withdrawals, and a loadable debit card. The goal of the system is to maximize ease of use for VermontABLE plan participants.
“I’d like to acknowledge the efforts of Vermont disability advocates and other parties who have participated in the Vermont ABLE Task Force. The launch of VermontABLE would not be possible without your insight and feedback. I would also like to thank Vermont’s Congressional Delegation as well as the House and Senate Economic Development Committees for working with the Treasurer’s Office to pass enabling legislation in 2015,” Pearce concluded.
The Vermont Adaptive program, here at Sugarbush, helps Vermonters with disabilities learn to ski and ride. VBM photo.
VermontABLE accounts are made possible through an agreement with the Ohio State Treasurer’s Office and are the culmination of over two years of work with the Vermont ABLE Task Force, the Vermont Congressional Delegation, disability advocacy groups, and key Legislative leaders. The following organizations have endorsed the VermontABLE program, many of whom were active participants in the Vermont ABLE Task Force:
- Brain Injury Association of Vermont
- Disability Rights Vermont
- Green Mountain Self-Advocates
- Statewide Independent Living Council
- Vermont Association for the Blind and Visually Impaired
- Vermont Center for Independent Living
- Vermont Coalition for Disability Rights
- Vermont Developmental Disabilities Council
- Vermont Family Network
- Vermont Low Income Advisory Council
Source: Treasurer. 2.22.2017. For more information and for instructions on how to sign up for a VermontABLE account, visit VermontABLE.com