ALLENTOWN, PA — Treasurer Stacy Garrity and Senator Bob Casey announced Monday that the PA ABLE Savings Program has exceeded $135 million in assets. This milestone underscores the program’s success in helping Pennsylvanians with disabilities and their families save for disability-related expenses without risking their eligibility for essential benefits.
The PA ABLE (Achieving a Better Life Experience) program, launched in 2017 under the leadership of Senator Lisa Baker, has rapidly become one of the largest in the country, offering participants seven different savings and investment options. These include an interest-bearing checking account and the ability to contribute up to $18,000 per year. Contributions are deductible from Pennsylvania state income taxes, and account growth is federally and state tax-free when used for qualified expenses.
Senator Casey, who played a pivotal role in the creation of the federal ABLE legislation in 2014, emphasized the program’s bipartisan roots and its role as a “lifeline to financial independence” for thousands across the Commonwealth. He has continued his advocacy through the introduction of the ENABLE Act alongside Senator Eric Schmitt, aiming to make permanent key provisions of the tax code supporting ABLE accounts.
The program’s expansion is set to continue with the ABLE Age Adjustment Act, which Senator Casey sponsored, set to take effect on January 1, 2026. This act will raise the eligibility onset age from 26 to 46, broadening access to millions more Americans, including one million veterans. Additionally, starting in 2025, a new tax credit will incentivize employers to support employees’ contributions to PA ABLE accounts, further strengthening the program’s reach and impact.
Treasurer Garrity has been instrumental in driving the program’s growth, reducing fees for account owners and spearheading national efforts to enhance awareness and participation in ABLE programs. Her leadership as the inaugural chair of the ABLE Savings Plans Network underscores a commitment to expanding these opportunities nationwide.
The milestone announcement was celebrated at the Lehigh Valley Center for Independent Living (LVCIL) in Allentown, where Senator Casey joined Julie Peachey, Deputy Treasurer for Consumer Programs, to emphasize the program’s transformative power in empowering individuals and families. As LVCIL noted, the PA ABLE program has been crucial in breaking the cycle of poverty for many with disabilities, offering a stable foundation for achieving long-term financial security and independence.
As PA ABLE continues to grow, it stands as a testament to the effectiveness of well-designed, bipartisan policy initiatives aimed at uplifting individuals with disabilities and fostering a more inclusive economic landscape.
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