[Ctabs] FW: NEW!!! STATE TREASURER SHAWN WOODEN LAUNCHES ABLE CT TO BENEFIT CONNECTICUT'S DISABILITY COMMUNITY

Thu Oct 15 19:48:55 UTC 2020

From: Sigman, Brian <Brian.Sigman at ct.gov> 
Sent: Thursday, October 15, 2020 1:55 PM
To: DORS-DL BESB <DORS-DLBESB at ct.gov>
Subject: FW: NEW!!! STATE TREASURER SHAWN WOODEN LAUNCHES ABLE CT TO BENEFIT
CONNECTICUT'S DISABILITY COMMUNITY

From: Sullivan, Kathleen <Kathleen.Sullivan at ct.gov
<mailto:Kathleen.Sullivan at ct.gov> > 
Sent: Thursday, October 15, 2020 12:42 PM

Subject: FW: NEW!!! STATE TREASURER SHAWN WOODEN LAUNCHES ABLE CT TO BENEFIT
CONNECTICUT'S DISABILITY COMMUNITY

Here is the press release from the Treasurer's Office..

STATE TREASURER SHAWN WOODEN LAUNCHES ABLE CT TO BENEFIT CONNECTICUT'S
DISABILITY COMMUNITY

STATE TREASURER SHAWN WOODEN LAUNCHES ABLE CT TO BENEFIT CONNECTICUT'S
DISABILITY COMMUNITY

Federally Qualified Program Allows Individuals Living With a Disability to
Save Without Jeopardizing Their Federal Benefits

Hartford, 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 are very excited
about ABLE CT, what it means for Alijah's future, as well as the future of
others like him."

(Left) Beth Gard of South Windsor stands with her son, Alijah, next to
(right) Treasurer Shawn Wooden

"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 of 26; (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 Program

The ABLE CT program 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 Treasurer

Under 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 here and follow along on Facebook, Instagram and Twitter.

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