Enable Savings Plan Alabama launches

Stephanie Miner sat next to her service dog, Astro, just minutes after becoming the first state resident to enroll in a savings account designed for individuals with disabilities.

Miner, who has cerebral palsy, became an Enable Savings Plan Alabama account owner on Monday during the launch of the plan at the Alabama disABILITY Conference at the Renaissance Montgomery Hotel and Spa at the Conference Center.

Enable provides individuals with disabilities an opportunity to save for their future in tax-free savings accounts and pay for everyday expenses without jeopardizing access to public funds.

Miner, of Hartselle, originally opened her Enable account to save money for a new service dog – “While shielding my disability income,” she said. – as she has to retire Astro.

“I no longer need to worry about the $2,000 savings cap,” Miner said. “In addition, I would like to live independently someday. I am so glad I now have a way to accumulate enough for my living, healthcare and future home expenses.”

The Enable Savings Plan came as a result of the federal Achieving a Better Life Experience Act – known as ABLE – passed by Congress in 2014. The Alabama legislature passed the Alabama ABLE Act in June 2015.

Enable Alabama offers five investment options for savers: growth, moderate and conservative mutual funds, and two FDIC-insured, interest-bearing investment options – a bank savings investment option, and a checking investment option.

Account owners can save up to $14,000 annually in their own names, and their total assets can grow to $100,000 without impacting resource-based benefits. Prior to the ABLE Act, people with disabilities generally became ineligible for federal benefits such as Medicaid or Supplemental Security Income if they had more than $2,000 in assets in their name.

“Today marks an exciting day for some very important members of the Alabama community,” said Young Boozer, Alabama Treasurer. “Enable Alabama is intended to create financial independence for individuals with disabilities and support quality of life. We are thrilled to say Enable Alabama is officially open for business.”

Offered through the Alabama State Treasurer’s office, Enable Alabama is made possible through an agreement with the national Enable Savings Plan, which is managed by the Nebraska State Treasurer’s Office and First National Bank of Omaha.

“Whether it’s for my health needs or for my everyday personal expenses, I am excited to have a savings account that is all mine,” said Miner. “Thank you to everyone who made this possible for not only me, but for everyone in our community living with disabilities.”

Want more information?

Visit online at EnableAL.com or http://treasury.alabama.gov/ or “like” Enable Alabama on Facebook.

What is Enable Alabama?

Enable Alabama is a tax-advantaged savings plan to help make saving simple and affordable for individuals with disabilities. The State of Alabama, through the ABLE Program Board, contracted with the Nebraska State Treasurer to create Enable Savings Plan Alabama as part of the Trust.  The Nebraska State Treasurer serves as Program Trustee. First National Bank of Omaha serves as Program Manager, and investments are approved by the Nebraska Investment Council. Visit EnableAL.com, and treasury.alabama.gov for more information.