Treasurer Zweifel announces participation in nine-state consortium to establish ABLE program in Missouri

 From Missouri State Treasurer Clint Zweifel:
Multi-state effort will allow for access to a lower-cost, higher-quality plan for Missourians


JEFFERSON CITY – State Treasurer Clint Zweifel announced today Missouri’s commitment to work with a nine-state consortium to create and implement an ABLE program in Missouri. “Achieving a Better Life Experience” legislation passed Congress in 2014 and in Missouri in 2015. It allows states to create tax-advantaged savings accounts for expenses related to disabilities and special needs. By participating in the consortium, Missourians will be able to leverage their savings with those in other states to solicit a lower-cost plan with higher-quality investment options, increasing the value for users.

“In creating these ABLE accounts, our priority first and foremost is to serve the needs of Missourians with disabilities in a fiscally sound way that honors their circumstances,” Treasurer Zweifel said. “These accounts will give families more financial security and empower them to make long-term planning decisions surrounding their specific needs.”

ABLE accounts come with advantages similar to 529 savings programs like MOST—Missouri’s 529 College Savings Plan. For Missourians, those advantages include a tax deduction of up to $8,000, or $16,000 if married and filing jointly. Savings also grow tax deferred and may be withdrawn tax-free when used for qualified expenses.

“Enactment of ABLE in Missouri was an enormous victory for families and people with disabilities in Missouri,” said Bill Bolster, Chairman of the Board for Autism Speaks St. Louis. “Now, through Treasurer Zweifel’s work with nine other states in implementing the ABLE Act, Missouri families with disabilities will be able to save and invest in the future of their loved ones. We applaud and thank Treasurer Zweifel for his work on behalf of Missourians with disabilities.”

Currently, nine states are committed to working together to help individuals and families with special needs - Alaska, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, Pennsylvania, and Rhode Island. These states represent more than 47 million people across the country. While a majority of states have passed ABLE legislation, none are yet offering ABLE accounts at this time.

“The ABLE Act offers an important promise: sustainable independence for people with disabilities through the opportunity to save for future expenses without losing necessary benefits,” said Aimee Wehmeier, Executive Director and CEO of Paraquad. “Joining this consortium and sharing expertise is an efficient way to start investing in the future of people with disabilities. We are grateful for Treasurer Zweifel’s leadership and vision.”

The Treasurer’s website now has more information on the background and goals of the program, frequently asked questions, and resources related to ABLE. Individuals can also sign up for ABLE-related email updates here.

Following the establishment of the consortium, the next step is to seek public bids for investment services, record keeping, and marketing services. Although working together for the procurement, the nine-state consortium encourages, and in no way jeopardizes, individual state autonomy in the administration of these accounts.