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FOR IMMEDIATE RELEASE September
6, 2017
MARYLANDERS WITH DISABILITIES CAN SOON SAVE FOR A BETTER LIFE EXPERIENCE
MARYLAND ABLE SELECTS PROGRAM MANAGER FOR STATE'S ABLE PLAN
Baltimore,
MD. (September 6, 2017) — The Maryland ABLE program is pleased to announce that
the Maryland Board of Public Works and the Maryland 529 Board have approved an intergovernmental
cooperative purchasing agreement with Sumday Administration, LLC as record
keeper and program manager for the Maryland ABLE plan. The implementation efforts will move swiftly
to provide this valuable opportunity to Marylanders with disabilities.
The Stephen Beck, Jr., Achieving a Better Life
Experience Act of 2014 (“ABLE”), codified as Section 529A of the Internal
Revenue Code, is a federal law which allows states to establish and maintain a
new type of tax-favored savings program through which contributions may be made
to the account of an eligible individuals with disabilities to meet qualified
disability expenses. The Maryland ABLE Act was signed into law by Governor
Hogan on April 12, 2016 and provides tax-advantaged savings and investment accounts
for qualified Marylanders with disabilities. ABLE plans serve as a new way to
help people with disabilities save money and pay for qualified
disability-related expenses without jeopardizing federal and State means-tested
benefits such as SSI or Medicaid. Income earned by the account is not taxed,
and contributions to a Maryland ABLE account made by any Maryland resident may be
eligible for an income deduction on their Maryland State income taxes.
“This innovative program allows our fellow
citizens with disabilities to save their own money and plan for their future,”
said Governor Hogan. “Under the Maryland ABLE program, Marylanders with
disabilities can create assets without jeopardizing their federal disability
benefits. The ABLE program is a shining example of how, by working together, we
can change Maryland for the better.”
"Over the past two years,
disability advocates, policy makers, and State agencies have worked together to
make the Maryland ABLE program a reality. We’ve taken time to listen to
potential account holders and believe strongly that we’ve created an ABLE
program that takes into consideration the many needs of Marylanders with
disabilities,” said
Carol Beatty, Secretary of the Maryland Department of Disabilities and Chair of
the ABLE subcommittee of the Maryland 529 Board. “We’re absolutely thrilled to announce this
partnership with Oregon ABLE because it allows us to ensure low fees, ease of
enrollment, and a State income tax deduction. Maryland ABLE will afford
individuals with disabilities the opportunity to achieve financial stability in
a way that has not been possible before.”
The Maryland
ABLE plan will begin online enrollment for participants in late 2017. With this newly established partnership,
Maryland will be among a select group of states offering ABLE programs across
the United States.
“On both a
personal and professional level, I'm thrilled that the Maryland ABLE program
will be available soon to help support Marylanders with disabilities,” said
Nancy Kopp, Maryland State Treasurer and Chair of the Maryland 529 Board. “It's the culmination of a tremendous amount of advocacy and effort
by so many across the State and throughout the country, and the beginning of
what we expect to be a highly successful and beneficial program here in
Maryland.”
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About Maryland ABLE
Maryland ABLE accounts are a new
way to help individuals with disabilities save money and pay for
qualified disability-related expenses without jeopardizing federal
means-tested benefits such as SSI or Medicaid. Maryland ABLE is focused on
helping citizens with disabilities achieve greater financial security, build
wealth, and contribute to long-term economic stability.
Learn more about Maryland ABLE at maryland529.com/MDABLE.
Press Contacts
Bette Ann Mobley
Director, Maryland ABLE
bmobley@maryland529.org
443.769.1032
Lori Markland
Community Relations Administrator, Maryland ABLE
lmarkland@maryland529.org
443.769.1057
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