The News Herald (Willoughby, OH)
Commissioners announce STABLE Account partnership
Lake County recently became the first county to partner with the Ohio Treasurer’s office to provide an option making it easier for county employees and their families to take advantage of STABLE accounts.
STABLE is a specialized account for people 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.
The measure recently passed unanimously by the Lake County commissioners allows county employees to set up recurring direct-deposits from their paychecks into STABLE accounts for themselves or a qualifying family member.
The program grew out of the Achieving a Better Life Experience Act, federal legislation passed in 2014.
Prior to ABLE accounts, people utilizing the assistance of public benefit programs were limited to having no more than $2,000. With the creation of ABLE accounts, individuals are provided the opportunity to be financially independent and continue to receive necessary supports, according to the law.
As a nationwide program, STABLE serves people in 11 partner states as well as in every state in the country.
“I applaud Lake County for their leadership in providing this important benefit to employees,” said Treasurer Robert Sprague. “For those county employees or their family members living with a disability, the commissioners’ vote creates a new opportunity to save and invest in their futures. We hope other local government leaders across the state will join with us and make this benefit available to more Ohioans.” Lake County Commissioner John Hamercheck described the program as a “great asset” to the workers of Lake County.
“We thank Treasurer Sprague for working to modernize this program,” Hamercheck said. “We hope that Lake County’s experience will serve as an example to the other counties and businesses in Northeast Ohio.”
There is no cost associated with the program for Lake County. In addition, no contract or formal agreement necessary. The treasurer’s office collaborates with the county and operates together through the Memorandum of Understanding
to ensure the ability to make direct deposit into STABLE Accounts.
“We thank our commissioners who have always been so supportive of Lake County citizens with developmental disabilities for extending an opportunity for a unique savings option for employees to plan for the future of their loved ones who are disabled,” said Elfie Roman, superintendent for Lake County Board of Developmental Disabilities.
According to the treasurer’s office, STABLE has grown by more than 50 percent in one year. To date, there are more than 16,000 active accounts with more than $130 million in total contributions to accounts.
Lake County Auditor Chris Galloway emphasized his office will be working with Sprague to implement the program. “When Treasurer Sprague first updated me in 2019 on his plans for the STABLE, I felt it would be a very worthwhile enhancement to a valuable program, and I appreciate the commissioners approving the program,” Galloway said.
“Public leadership is about constructively applying a vision that positively impacts people and Treasurer Sprague has done just that,” Galloway added. “He is finding a creative way to impact the lives of thousands of Ohioans who deserve every opportunity to share in our society’s success.”
“For those county employees or their family members living with a disability, the commissioners’ vote creates a new opportunity to save and invest in their futures. We hope other local government leaders across the state will join with us and make this benefit available to more Ohioans.”
— Treasurer Robert Sprague