Celebrating $17 Million Saved By More Than 3,000 People Experiencing Disabilities
In just three years, thousands of vulnerable Oregonians now benefit from ABLE savings plans
SALEM, Ore., Dec. 12, 2019 /PRNewswire/ -- Three years after the launch of the Oregon ABLE and national ABLE for ALL Savings Plans, thousands of people experiencing disabilities are now on the path to financial security.
"Oregon is proud to be a national leader working with the disability community to provide tools that make a measurable difference for thousands of lives," said Treasurer Tobias Read. "That ABLE participants have been able to save so much, so quickly shows how important this legislation is to Oregonians with disabilities."
"The power of ABLE goes beyond offering a simple savings vehicle to the disability community," said Michael Parker, executive director for the Oregon Savings Network. "ABLE accounts are empowerment tools, giving participants the independence to take control of their financial future."
Before Congress and the Oregon State Legislature paved the way for the creation of ABLE plans, people living with disabilities were functionally forced to live in poverty if they wanted to remain eligible for vital means-tested benefits, like Medicaid and Supplemental Security Income, which required the individual to have less than $2,000 in their name.
Now, under state and federal programs, Oregonians with disabilities have a safe mechanism to save money without jeopardizing their benefits. ABLE funds can be used for anything that helps improve the health, independence, or quality of life of a person with a disability.
"The availability of Oregon ABLE Savings Accounts have begun to bust the myth that our young adults must live austere lives of unemployment or underemployment in order to maintain access to critical services," said Roberta Dunn, executive director for FACT Oregon. "With the Oregon ABLE Savings Plan, families can keep their focus on whole, full colorful lives that include employment."
To ensure ABLE continues to meet the needs of Oregonians, the Oregon State Treasury is pleased to support the ABLE Age Adjustment Act (HR 1814 & SB 651), introduced in Congress. Treasurer Read was joined by a bi-partisan group of Oregon Legislators in offering their support in a letter to the Oregon Delegation in March 2019.
Oregon ABLE is a state-sponsored savings program that allows people with disabilities and their families to save money for day-to-day expenses and future needs without disqualifying them from critical state and federal benefits. To learn more, please visit www.oregonABLEsavings.com.
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SOURCE Oregon ABLE Savings Plan
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