Treasurer Stacy Garrity Announces New Program Manager for the PA ABLE Savings Program for Pennsylvanians with Disabilities

Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity announced an upcoming transition to a new program manager, Vestwell, one of the largest ABLE providers in the country, for the PA ABLE (Achieving a Better Life Experience) Savings Program. PA ABLE provides a tax-free way to save for Pennsylvanians with disabilities and their families - without impacting eligibility for important benefits such as SSI and Medicaid.

"Treasury is excited to team up with Vestwell to make PA ABLE work better than ever to empower Pennsylvanians with disabilities to build financial security. PA ABLE accounts are powerful tools that ensure our loved ones, friends and neighbors with disabilities have the ability to save for the things they need to live as independently as possible."

PA ABLE's transition to Vestwell will bring industry-leading savings solutions to those saving for disability-related expenses. Nearly half of all ABLE accounts nationally rely on Vestwell's technology that provides easier and more engaging ways to save.

The transition to Vestwell will conclude in July, when PA ABLE account owners will see notable improvements to the program including:

• Lower fees providing up to 45 percent in savings;
• An improved, accessible account portal;
• A new customizable PA ABLE Visa Prepaid Card;
• More robust investment options;
• Simplified account management tools accessible for individuals and organizations;
• A mobile app to access and manage a PA ABLE account; and
• An account platform available in 20 different languages.

Vestwell powers savings programs for individuals and businesses including ABLE programs, 529 plans, IRAs, 401(k) plans and more. Vestwell supports more than two million savers and administers over $50 billion in assets through employers, financial institutions, advisors, payroll providers and government agencies nationwide.

"ABLE programs represent a powerful pathway to financial independence for individuals with disabilities. We are honored to work alongside Treasurer Garrity and the Pennsylvania Treasury to support the continued growth of PA ABLE and deliver a modern, accessible savings experience that meets the evolving needs of account owners across the state."

PA ABLE is the fifth largest ABLE program in the country, recently announcing its $200 million asset milestone across more than 12,000 accounts. The first PA ABLE account was opened in 2017, following the enactment of legislation championed by Sen. Lisa Baker (R-20).

PA ABLE accounts can be used to save and pay for day-to-day disability-related expenses, like groceries and rent as well as larger expenses, like vehicle and home modifications and assistive technology.

PA ABLE account owners can contribute up to $20,000 annually. This amount may be higher for eligible employed account owners. Contributions (up to $19,000) are deductible from Pennsylvania state income taxes, and account growth is tax-free when used for qualified withdrawals.

To be eligible to save with PA ABLE, a person's disability must be onset prior to age 46.

Since taking office, Treasurer Garrity has reduced fees six times for PA ABLE account owners and advocated for national legislation to expand eligibility for the program which increased access to millions more Americans, including one million Veterans.

"We are always looking for new and innovative ways to improve PA ABLE, and this transition to Vestwell is going to bring big, positive changes for our current and future account owners."

To learn more, visit paable.gov, email [email protected] or call 855-529-2253.