Treasurer Sprague, Logan County Announce STABLE Account Partnership

Treasurer Sprague, Logan County Announce STABLE Account Partnership

New partnership makes it easier for county employees living with disabilities to save and invest directly from their paychecks

Left to right: Logan County Commissioner Joe Antram, Ohio Treasurer Robert Sprague, Logan County Commissioner Greg Fitzpatrick, Logan County Commissioner Michael Yoder, STABLE Account External Affairs Manager Alaina Bowers, and Central Region Public Affairs Liaison Brooke Bihlman.

COLUMBUS - Yesterday afternoon, during a meeting with the county commissioners and in conjunction with National Disability Employment Awareness Month, Ohio Treasurer Robert Sprague and Logan County officials announced a new partnership that will make it easier for county employees to take advantage of STABLE accounts. The measure allows eligible employees to opt-in to have a portion of their paycheck deposited directly into a STABLE account for themselves or a qualifying family member.

"The ability to save and invest without jeopardizing critical benefits is life-changing for many individuals living with disabilities," said Treasurer Sprague. "I commend Logan County for recognizing this and for supporting their employees and families through the STABLE Account Payroll Direct Deposit program. This initiative helps pave the way for greater independence, financial stability, and peace of mind."

A STABLE account is a specialized savings and investment account for people living with disabilities that allows them to save and invest money without losing eligibility for certain means tested benefits, such as Medicaid and Supplemental Security Income (SSI).

Treasurer Sprague has made it a priority to partner with employers to provide the STABLE Account Payroll Direct Deposit benefit to Ohioans. In 2019, Treasurer Sprague announced a collaboration with the Ohio Department of Administrative Services to provide eligible State of Ohio employees with the opportunity to direct a portion of their paychecks into STABLE accounts. In addition, several other public and private sector employers have also partnered with the Treasurer's office to offer the benefit to employees.

With today's announcement, Logan County is now the twelfth Ohio county to provide the payroll direct deposit option to employees.

Observed in October of each year, National Disability Employment Awareness Month commemorates the many contributions and achievements of American workers living with

"On behalf of Logan County, we are pleased to partner with Treasurer Sprague and STABLE Account which will greatly assist members of our disability community to have the ability to save without losing benefits such as Medicaid and Supplemental Security Income," said Logan County Auditor Jack Reser.

Since taking office in January 2019, Treasurer Sprague has more than tripled participation in the STABLE Account program, and today, there are nearly 50,000 active accounts. Through the program, accountholders can save up to $19,000 each year without jeopardizing federal assistance, and if the accountholder is employed, they can save an additional $15,060 per year.

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to STABLE accounts, people living with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses. Qualified Disability Expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items.

For more information about STABLE accounts and to sign up, visit https://www.stableaccount.com.

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