RICHMOND, Va., Sept. 7, 2016 /PRNewswire/ -- ABLEnow, the Virginia-sponsored ABLE savings program, will open for nationwide enrollment in late 2016. Virginia will be among the first states in the country to open an ABLE program for eligible individuals living with disabilities.
RICHMOND, Va., Sept. 7, 2016 /PRNewswire/ -- ABLEnow, the Virginia-sponsored ABLE savings program, will open for nationwide enrollment in late 2016. Virginia will be among the first states in the country to open an ABLE program for eligible individuals living with disabilities.Logo - http://photos.prnewswire.com/prnh/20160906/404527LOGO
"As part of our expanded mission, Virginia529 is committed to launching our ABLEnow program in early December of this year," said Mary Morris, CEO of Virginia529. "We're confident this new savings program will result in a better future and increased independence and financial wellness for individuals with disabilities and their families, both in Virginia and across the country."
ABLE programs are made possible by the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act, which is recognized as the most significant federal legislation addressing the needs of persons with disabilities since the Americans with Disabilities Act more than 25 years ago. The ABLE Act authorized states to establish tax-advantaged savings programs for individuals with disabilities. In 2015, the Virginia General Assembly approved legislation, signed into law by Governor McAuliffe, authorizing Virginia529 College Savings Plan to develop the Commonwealth's ABLE program.
Similar to college savings and health savings accounts, ABLE accounts allow people with disabilities to fund qualified expenses with tax-advantaged savings. Money in an ABLE account may be used to pay a variety of expenses related to maintaining health, independence and quality of life. ABLE account savings do not endanger eligibility for most means-tested programs, including Medicaid and Supplemental Security Income (SSI) benefits.
As the primary sponsor of the Virginia529 College Savings 250 NASCAR XFINITY Series race, Virginia529 will introduce and celebrate ABLEnow at the start of the Sept. 9 race at Richmond International Raceway. ABLE advocates will serve as Grand Marshals and represent ABLEnow during the race's Opening Ceremonies.
Learn more about ABLEnow and subscribe to updates at able-now.com.
About Virginia529 College Savings Plan:
Virginia529 makes higher education more accessible and affordable for families and individuals. With more than $56 billion in assets under management and 2.5 million accounts as of June 30, 2016, Virginia529 is the largest 529 plan available. Four flexible, affordable, tax-advantaged programs–Virginia529 prePAID SM (prePAID SM), Virginia529 inVEST SM (inVEST SM), CollegeAmerica® and CollegeWealth®–and early commitment scholarship program SOAR Virginia® assist students of any age in reaching their higher education goals.
In late 2016, Virginia529 will expand its mission and launch ABLEnow, the Virginia-sponsored ABLE savings program for eligible individuals living with disabilities. Call 1-844-NOW-ABLE or visit able-now.com to obtain information on the program. For non-Virginia residents: other states may sponsor an ABLE plan that offers tax or other benefits not available through ABLEnow.
For more information on Virginia529's college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest. Virginia529 encourages prospective participants to seek the advice of a professional concerning any financial, tax or legal implications related to opening an account. For residents of states other than Virginia: your state or the beneficiary's state of residence (if different) may sponsor a 529 plan that offers state income tax and other benefits not available to you through Virginia529 College Savings Plan. ©2016 Virginia College Savings Plan. All Rights Reserved.
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SOURCE Virginia529 College Savings Plan