[CT-NFB] Subject: FW: NEW!!! STATE TREASURER SHAWN WOODEN LAUNCHES ABLE CT TO BENEFIT CONNECTICUT’S DISABILITY COMMUNITY

[Gary Allen]

<https://portal.ct.gov/-/media/OTT/Press-Room/Press-Releases/2020/PR101520State-Treasurer-Shawn-Wooden-Launches-Able-CT-To-Benefit-Connecticuts-Disability-Community.pdf#page=1>
<https://portal.ct.gov/-/media/OTT/Press-Room/Press-Releases/2020/PR101520State-Treasurer-Shawn-Wooden-Launches-Able-CT-To-Benefit-Connecticuts-Disability-Community.pdf#page=1>
<https://portal.ct.gov/-/media/OTT/Press-Room/Press-Releases/2020/PR101520State-Treasurer-Shawn-Wooden-Launches-Able-CT-To-Benefit-Connecticuts-Disability-Community.pdf#page=2>
<https://portal.ct.gov/-/media/OTT/Press-Room/Press-Releases/2020/PR101520State-Treasurer-Shawn-Wooden-Launches-Able-CT-To-Benefit-Connecticuts-Disability-Community.pdf#page=2>
<https://portal.ct.gov/-/media/OTT/Press-Room/Press-Releases/2020/PR101520State-Treasurer-Shawn-Wooden-Launches-Able-CT-To-Benefit-Connecticuts-Disability-Community.pdf#page=3>
<https://portal.ct.gov/-/media/OTT/Press-Room/Press-Releases/2020/PR101520State-Treasurer-Shawn-Wooden-Launches-Able-CT-To-Benefit-Connecticuts-Disability-Community.pdf#page=3>
FOR IMMEDIATE RELEASE: Thursday, October 15, 2020CONTACT:Office of the
Treasurer, Michelle.Woods-Matthews at ct.govSTATE TREASURER SHAWN WOODEN
LAUNCHES ABLE CT TO BENEFIT CONNECTICUT’S DISABILITY COMMUNITYFederally
Qualified Program Allows Individuals Living witha Disability to Save Without
Jeopardizing Their Federal BenefitsHartford, CT -On Thursday, October 15,
2020, Connecticut State Treasurer, Shawn T. Wooden, announced the launch of
the Connecticut Achieving a Better Life Experience Savings Program (ABLE
CT) to allow individuals living with a disability or their legal guardian,
the opportunity to open an account and save money using a federally tax
advantaged ABLE CT savings plan.“At a time when we are seeing the pandemic
deepen already existing economic disparities, thousands of individuals
living with a disability in Connecticut continue to be financially burdened
by countless expensive disability-related costs,” said Connecticut State
Treasurer Shawn T. Wooden. “It is well overdue for Connecticut to help
individuals living with a disability to achieve greater financial
independence, expand self-reliance, and increase access to opportunities,
and that is exactly what the ABLE CT program will provide.”The ABLE Act
signed into law by the federal government in 2014, enabled states to pass
their own ABLE legislation authorizing the creation of a federally
tax-advantaged
savings program for individuals living with a disability. Connecticut
passed such legislation in 2015. Implemented and administered by Treasurer
Wooden, ABLE CT is designed to help individuals living with a disability
save for a better future by covering disability-related expenses,
without jeopardizing
their eligibility to receive federal benefits, such as Medicaid,
Supplemental Security Income (SSI), and other important federal benefits. The
account offers a high-quality, low-cost ABLE CT savings and investment plan
and a full featured checking account.
“I am happy to be part of this launch, celebrating Connecticut’s
partnership with the National ABLE alliance,” Commissioner Amy Porter,
Department
on Aging and Disability Services. “An ABLE account can be an incredibly
valuable tool for individuals with disabilities and their families,
allowing an individual to save for disability related expenses and invest
for their future.” ABLE CT accounts will have investment earnings and
withdrawals that are tax free when spent on qualified disability expenses.
Qualified disability expenses for ABLE CT include: education; housing;
transportation; employment training and support; assistive technology;
personal support services; general health services; prevention and wellness
services; financial management and administrative services; legal fees;
expenses for oversight and monitoring; and funeral and burial expenses.
Annual contribution limits for each individual are tied to the Connecticut
cap of the gift-tax exclusion limit, which is currently $15,000 annually. “Our
dream for Alijah since we received his diagnosis at birth is that he would
lead a fulfilling and independent life,” said Beth Gard of South Windsor,
the first ABLE CT account holder on behalf of her child with Down Syndrome.
“The inception of the ABLE CT program is a crucial step in fulfilling that
dream. It allows us to plan for his financial future and enables Alijah to seek
meaningful employment as he grows up without the concern, he may lose
essential services and benefits. We will also be able to similarly support
him in pursuing his dreams as we support his typical brother and sister in
pursuing theirs. My family and I arevery excited about ABLE CT, what it
means for Alijah’s future, as well as the future of others like him.”“A
full and independent life in the community is far more attainable with a
degree of financial independence,” said Tom Fiorentino, member of The Arc
Connecticut’s Board of Directors and parent of an adult with an
intellectual disability. “The ABLE CT program is an important step on the
path to that independence. I am very happy that the sustained efforts of
the Arc, at both the national and state level, have resulted in
Connecticut’s offering this important program to thousands of its
residents."Those who qualify and are eligible to open an ABLE CT account
include the following: (1) anyone living with disabilities that were
present before the age of26; (2) those who are eligible for SSI or SSDI
because of a disability; (3) experience blindness as defined by the Social
Security Act; or (4) have a disability with a written diagnosis from a
licensed physician that can be produced if requested, can qualify and are
eligible to open an ABLE CT account. Account holders like Jessica Sahlman
plan to use their savings to support their housing and transportation
needs. Jessica, an ABLE account holder and Ambassador for the ABLE
National Resource
Center, noted, "I can be more independent with transportation."
“As a Certified Financial Planner, my one piece of advice when someone is
eligible for an ABLE account is to ‘Just Do It,’ and to get started,” said
Andrew Komarow; an ABLE account holder, Ambassador for the ABLE National
Resource Center, and founder of Planning Across the Spectrum. “If you are
eligible to open an ABLE CT account, I encourage you to, as you will benefit
from the program.”###About Connecticut’s Achieving a Better Life Experience
Savings ProgramThe ABLE CTprogram is sponsored by the State of Connecticut
and administered by the Office of the Treasurer. ABLE CT is designed to be
a federally qualified ABLE plan for the benefit of the residents of the
State of Connecticut offered through the National ABLE Alliance.
Ascensus College
Savings Recordkeeping Services, LLC, the Program Manager, and its
affiliates, are responsible for the day-to-day operations including:
investment advisory,record-keeping, and administrative services for
ABLE CT.About
the Office of the State TreasurerUnder the leadership of Connecticut’s
State Treasurer Shawn T. Wooden, the Office of the Treasurer is dedicated
to safeguarding the state’s financial resources and taxpayers’ dollars, while
maximizing returns and minimizing risks for pension beneficiaries and
operating at the highest professional and ethical standards. Through
investments and cash management, the office continues to enhance the
state’s fiscal stability, financial literacy, college savings, and its
approach to leveraging business partnerships to combat social issues such
as gun violence, climate change, and equal opportunity for economic growth.
Learn more about the Office of the Treasurer hereand follow along on
Facebook,Instagramand Twitter.
<https://savewithable.com/ct/home/investment-options.html>
<https://portal.ct.gov/OTT/About-the-Treasury/Overview>
<https://www.facebook.com/treasurerwooden/>
<https://www.instagram.com/cttreasurerwooden/>
<https://twitter.com/TreasurerWooden>
<https://twitter.com/TreasurerWooden>
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