County offers new payroll savings accounts

Program invests funds for people with disabilities.

Montgomery County is the eighth county in the state to provide a payroll deposit option to employees for accounts that allow people with disabilities to save and invest money without losing out on health care and other benefits.

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act.

“STABLE accounts empower individuals living with disabilities to save and invest for the future without having to fear the loss of critical benefits,” said Ohio Treasurer Robert Sprague.

“Through this partnership, Montgomery County is taking an important step toward building a more inclusive workplace,” he said.

STABLE accounts are a specialized savings and investment account for people living with disabilities that allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income, according to a state treasurer press release.

Starting Tuesday, county employees will be able to send a part of their paycheck to their or their disabled loved one’s STABLE account. The partnership with the state was a monthslong process, according to Montgomery County Treasurer John McManus.

Prior to STABLE accounts, people living with disabilities could only save a total of $2,000 before losing their benefits.

Through the program, account holders can save up to $17,000 each year without jeopardizing federal assistance. If the account holder is employed, they can save an additional $13,590 per year.

“Right now in Montgomery County, we have over half a million residents but

there are only 500 STABLE accounts opened in Montgomery County. We want to see that dramatically increase,” Montgomery County Treasurer John McManus said.

Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on qualified disability expenses. Those expenses include education, housing, transportation, health care, assistive technology, basic living expenses and other items.

“This is really important to me; it’s important to a lot of elected officials and for the state treasurer that the government does absolutely everything that it can to help those with disabilities and to help the families of those with disabilities,” McManus said.

In 2019, treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to provide eligible state of Ohio employees the opportunity to direct a portion of their paychecks into STABLE accounts.

In addition, several other public- and private-sector employers have also partnered with the state treasurer’s office to offer the benefit to employees.

For more information about STABLE accounts and to sign up, visit www.stableaccount.com.