Vermont State Treasurer Beth Pearce Announces VermontABLE Accounts Reach $1 Million Milestone
MONTPELIER, VT — Vermont State Treasurer Beth Pearce today announced that participants in the state’s investment account for Vermonters with disabilities, VermontABLE, have accumulated $1.25 million in assets. The news comes as the Treasurer’s Office highlights #ABLEtoSave Month, a nationwide initiative to raise awareness about ABLE accounts.
“Growing assets with an ABLE account is one way to build a strong financial foundation,” said Treasurer Pearce. “We created VermontABLE to provide an option so individuals with disabilities and their families could save some assets and plan their financial future. Since launching the program in 2017, more than 300 ABLE accounts have been opened, allowing Vermont participants to accumulate $1.25 million in assets. This #ABLEtoSave month, we encourage Vermonters to visit www.vermontable.com to see if they, or a loved one, are eligible to start saving for future needs.”
VermontABLE gives individuals with disabilities an account to invest up to $15,000 annually without impacting eligibility for certain benefits, like Medicaid and SSI. Participants can invest savings through five different investment options, with user-friendly functionality to allow online electronic funds transfers, easy withdrawals, and a loadable debit card. As of July 31, 2019, enrolled Vermonters had an average account balance of $4,572.49.
The federal ABLE Act became law in 2014. Vermont moved quickly to establish its program. In 2015, Representatives Bill Botzow and Mike Marcotte led the initiative through the House Commerce and Economic Development Committee, and later through the House and Senate. The Treasurer’s Office partnered with numerous stakeholders, including Vermont Development Disabilities Council, Disability Rights Vermont, Vermont Center for Independent Living, and Green Mountain Self Advocates, to develop VermontABLE.
In February 2017, VermontABLE was launched by the Vermont Treasurer’s Office in consultation with the Ohio Treasurer’s Office. Vermont participated in the first-ever #ABLEtoSave month that August. #ABLEtoSave is a national campaign run by the ABLE National Resource Center (ANRC). The month-long effort seeks to raise awareness about ABLE programs, which are now active in most states.
Since its launch in 2017, the Treasurer’s Office and Vermont Developmental Disabilities Council (VTDCC) have since increased enrollment by promoting VermontABLE and offering training seminars around the state. For more information and for instructions on how to sign up for a VermontABLE account, please visit VermontABLE.com.