State Treasurer Larry Pack on Wednesday spoke during a Disability Advocacy Day Rally at the State Capitol where he celebrated the 7th anniversary of WVABLE – a savings program offered by the State Treasurer’s Office that provides individuals with disabilities the opportunity to save and invest without jeopardizing needs-based public benefits.
“Over the last seven years, my Office’s WVABLE Savings Program has helped empower hundreds of West Virginians with disabilities to become more financially independent,” Treasurer Pack said. “The advocates I spoke to today work tirelessly to better the lives of individuals living with disabilities as well as their own lives. Without their efforts, WVABLE’s growth and outreach across the state would not have been made possible.”
This year’s Fair Shake Initiative’s Jan Lilly-Stewart Disability Advocacy Rally was held in the Lower Rotunda of the State Capitol Wednesday morning. WVABLE had a booth set up in the Upper Rotunda where Treasurer Pack and program advocates cut WVABLE’s 7th anniversary cake.
On February 9, 2018, the West Virginia State Treasurer’s Office launched WVABLE by partnering with the Ohio Treasurer’s Office STABLE savings program, a national ABLE plan, to make the STABLE Account program available to residents of West Virginia.
“West Virginia was one of the first states to launch this program that has removed barriers for individuals with disabilities and their families to save for their future,” Treasurer Pack said. “It was an honor to celebrate this milestone with families who are benefiting from this important savings program.”
In 2014, Congress passed a piece of legislation called The Stephen Beck, Jr. Achieving a Better Life Experience Act – the ABLE Act. This legislation enabled state-run savings plans, which are modeled after 529 savings plans, to allow eligible individuals to save and invest money without harming their ability to receive public benefits.
Prior to the passage of the ABLE Act, individuals with a disability were not permitted to save more than $2,000 without being at risk of losing federal needs-based benefits, such as Supplemental Security Income (SSI) and Medicaid.
Treasurer Pack is excited to support the ABLE Age Adjustment Act when it takes effect in 2026. The new law will raise the age limit for the onset of a disability from before 26 to before 46. It is estimated this will increase the number of those eligible for an ABLE account by 6.5 million nationwide, including one million veterans.
“Tens of thousands of West Virginians will benefit from this move, including our state’s veterans who developed a disability later in life,” Treasurer Pack said. “The ABLE Age Adjustment Act will allow them to start saving with a WVABLE account.”
For more information about WVABLE, or to sign up for an account, visit www.wvtreasury.gov/WVABLE.