Delaware’s ABLE Program
The Achieving a Better Life Experience (ABLE) Act was signed into federal law by President Barack Obama On December 19, 2014. The Delaware ABLE Act, signed into law in June 2015, allows people with disabilities to keep as much as $100,000 in 529-style tax-free savings accounts without losing their medical benefits.
The State of Delaware is part of the National ABLE Alliance, a coalition of states committed to assisting people with disabilities by offering a special tax-advantaged investment account for those who qualify.
Message from State Treasurer Ken Simpler
On June 28, 2018 the State of Delaware launched DEPENDABLE – a plan that allows individuals with disabilities and their families to have greater control over their finances.
When we set out to implement Delaware’s ABLE Act, we had one over-riding goal: to empower Delawareans with disabilities to secure their financial future.
Built on a proven, multi-state platform with robust features, low costs and responsible investment choices, DEPENDABLE allows them to do just that.
DEPENDABLE allows individuals with disabilities to save for a broad range of expenses on a tax-advantaged basis without jeopardizing government benefits.
To learn more about program features, benefits and qualification requirements, visit Delaware’s Office of The State Treasurer Website.
Press Release: Delaware Joins Fourteen States to Assist Persons with Disabilities
Date Posted: Tuesday, December 19, 2017 | New ABLE Investment Accounts Similar to Popular 529 College Savings Plans in Dover, Delaware.
Delaware State Treasurer Ken Simpler announced today 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, health care, 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 towards qualifying expenditures. For more information about ABLE, please visit the Delaware State Treasurer’s website.
When we set out to implement Delaware’s ABLE Act, we had one over-riding goal:
To empower Delawareans with disabilities to secure their financial future. Built on a proven, multi-state platform with robust features, low costs and responsible investment choices, DEPENDABLE allows them to do just that.
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