SEVEN SPRINGS, PA — On Tuesday, Pennsylvania’s Treasurer Stacy Garrity and U.S. Senator Bob Casey joined the Special Olympics Winter Games at Seven Springs Mountain Resort. The event, hosted in Somerset County, was not just a celebration of athletic prowess but also, a momentous achievement for the PA ABLE Savings Program which has achieved over $100 million in assets, opening new avenues of independence for Pennsylvanians with disabilities.
PA ABLE is a tax-free savings scheme designed to ensure Pennsylvanians with disabilities, and their families, maintain their essential benefits while saving for their future. Since its inception in 2017, the program has gained momentum, now housing over 8,500 accounts with more than $110 million saved.
Joining this monumental event were the athletes competing in the Winter Games. Led by Matt Aaron, President and CEO of Special Olympics Pennsylvania, they shared their personal stories and experiences.
PA ABLE and Special Olympics Pennsylvania align in their intent and impact – both work towards empowering individuals with disabilities to live fuller, more independent lives. PA ABLE facilitates financial growth, while Special Olympics Pennsylvania fosters physical fitness and life skills development among its 16,000 athletes.
The success of PA ABLE is not only credited to bipartisan efforts within Pennsylvania, but also those at the national level. Senator Casey, known for championing the federal ABLE legislations, saw it signed into law in 2014. In Pennsylvania, Republican State Senator Lisa Baker championed PA ABLE, resulting in its enactment in 2016.
Senator Casey’s efforts further include the federal ABLE Age Adjustment Act, which expands eligibility to millions more Americans. Initially, only those whose disability onset prior to their 26th birthday could benefit from the ABLE program. However, starting in 2026, this age limit will rise to 46 years, benefitting an estimated one million veterans.
PA ABLE, offering seven different savings and investment options, allows account owners to contribute up to $18,000 per year. Contributions made can be deducted on the state income taxes and accounts grow tax-free!
Since its inception, Pennsylvanians have contributed an impressive $133.7 million to PA ABLE accounts, $37.6 million of which has been withdrawn for disability-related expenses. Just in 2023, account owners contributed $32.5 million, and $11.9 million was withdrawn.
Commending the success, Chief Executive Officer of the National Association of State Treasurers (NAST) Shaun M. Snyder acknowledged the importance of the ABLE program in promoting financial empowerment for people with disabilities and the impactful growth under Treasurer Garrity’s leadership. Garrity, in her term, has reduced fees three times for PA ABLE account owners.
In conclusion, the PA ABLE savings program has been a beacon of hope for Pennsylvanians with disabilities. Its success is testimony of what bipartisan agreement can achieve – a practical solution to a problem affecting thousands of residents. This milestone is more than just a financial achievement. It signifies a tangible, positive impact on the lives of those served, fostering independence and financial freedom for Pennsylvanians with disabilities.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.