Jefferson City, MO (STL.News) Missouri State Treasurer Scott Fitzpatrick today announced that the MO ABLE program has doubled in size since he took office less than two years ago. When the Treasurer was sworn in in January 2019, MO ABLE had 906 accounts and today the program has 1,826.
“Since taking office in 2019, I have worked hard to spread the word about this valuable program, growing MO ABLE 44% in my first year in office. To have doubled the program in less than two years is gratifying,” Treasurer Fitzpatrick said. “MO ABLE is a program that can improve the day-to-day lives of Missourians with disabilities and their families. There is still work to be done and I look forward to continuing to spread the word with our partners across the state including disability service providers, Chambers of Commerce, and Missouri businesses.”
Launched in 2017, MO ABLE allows individuals with disabilities and their families to save up to $15,000 per year, tax-free, without losing federal benefits like Medicaid and SSI. To learn more about the MO ABLE program and to take an eligibility quiz, Missourians can visit moable.com.
The Treasurer is committed to fostering inclusion in the workforce for employees with disabilities. One way he is doing this is by encouraging businesses to add payroll deductions for MO ABLE accounts, allowing individuals with disabilities and their families equal opportunities for saving.
In October, Treasurer Fitzpatrick announced Central Bank will offer payroll deductions for MO ABLE accounts to employees beginning in 2021 and Missouri State University announced it offered payroll deductions for MO ABLE accounts to employees during open enrollment this year. Earlier this year, the Treasurer announced the University of Central Missouri would also add direct deposit for MO ABLE. In 2019, Cox Health and Truman State University announced they were adding payroll deductions for MO ABLE accounts.
Treasurer Fitzpatrick is working with Chambers of Commerce across the state to facilitate outreach to businesses encouraging them to add payroll deductions for MO ABLE accounts. The Treasurer has partnered with the Missouri Chamber of Commerce and Industry, the St. Louis Regional Chamber, the Springfield Area Chamber of Commerce and the Arc of the Ozarks, the Branson/Lakes Area Chamber of Commerce and CVB, the Columbia Chamber of Commerce, the St. Joseph Chamber of Commerce, and the O’Fallon Chamber of Commerce.
MO ABLE currently has 1,826 accounts and over $13.4 million in assets under management, making it one of the largest ABLE programs in the country.