State of VT Announces ABLE Savings Accounts Posted by Association of Vermont Credit Unions on 11:23 AM

In a statehouse press conference on 2/22, Vermont State Treasurer Beth Pearce announced that Vermonters with disabilities can now start saving and investing in tax-advantaged VermontABLE accounts, making Vermont one of a handful of states to offer the accounts since they were made possible with enactment of the Achieving a Better Life Experience (ABLE) Act into law in December 2014. The Treasurer was joined by Governor Phil Scott, Lieutenant Governor David Zuckerman and representatives of many other involved parties for the press conference.

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.

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.

The Association of Vermont Credit Unions participated in discussions of the working group formed by the Treasurer to explore administrative options for Vermont's program. Due to the complexity of administrative management of such accounts, Vermont joined forces with Ohio in contracting for administration of their respective programs.