[Mdabs] Maryland ABLE

nfbmd nfbmd at earthlink.net
Wed Nov 29 22:45:08 UTC 2017


Hello all,
 
Please read this important information.  Enrollment in the Maryland ABLE
program is now available.  Read below.
 

Maryland Launches ABLE Program for People with Disabilities 


MARYLAND ABLE OPENS FOR ENROLLMENT

  _____  

Baltimore, MD (November 28, 2017) - Marylanders with disabilities now have a
new way to save for the future. Maryland 529 is pleased to announce the
launch of Maryland ABLE, an innovative and landmark investment program that
offers individuals with disabilities the opportunity to save money without
jeopardizing access to federal and state means-tested benefits. The Stephen
Beck, Jr., Achieving a Better Life Experience Act of 2014 ("ABLE") is a
federal law which allows states to establish and maintain these accounts.
The Maryland ABLE Act was signed into law by Governor Larry Hogan on April
12, 2016.
Established in partnership with the State of Oregon and Sumday
Administration, LLC, Maryland ABLE is now accepting online enrollment to its
diverse financial investment options available through an accessible,
easy-to-use website. With access to online account customization, account
management, online recordkeeping, and a specialized customer service team,
Maryland ABLE anticipates reaching a large number of eligible Marylanders
with disabilities.  
"The launch of the Maryland ABLE program is a culmination of a bipartisan
effort by citizens, advocates, and lawmakers working together to ensure that
Marylanders with disabilities have the ability to save money while
maintaining access to important benefits," said Governor Hogan. "This new
program will offer the financial security that so many families and
individuals need, and is one more way in which we are changing Maryland for
the better."
"I am thrilled to see Maryland's ABLE program launch after working for
several sessions on the legislation to create this much needed financial
tool," stated Senator Brian Feldman, one of the Maryland ABLE bill sponsors
in 2016, "ABLE accounts may assist up to 50,000 disabled Marylanders and
their families in setting aside money on a tax-advantaged basis that can be
used to support their health, independence and a better quality of life."
ABLE accounts across the nation allow for up to $14,000 in annual
contributions (increasing to $15,000 in 2018), the opportunity to save up to
$100,000 before impacting Social Security Income (SSI) cash benefits, the
opportunity to grow assets tax free, and the opportunity to withdrawal funds
tax free as long as the money is used for qualified disability expenses. 
"The ABLE Act will make a positive difference in the lives of thousands of
Marylanders with disabilities. It will help provide the resources they need
to save for the future and be successful" noted Senator Craig Zucker,
sponsor of the 2016 Maryland ABLE bill. 
Features of the Maryland ABLE plan include the opportunity to save up to
$350,000 over the lifetime of the account, access to an income deduction on
Maryland State taxes of up to $2,500 for account contributions per
beneficiary, and a minimum initial contribution of $25 to open the account.
Once the investment options are chosen, there will be a $35 annual account
maintenance fee and additional asset-based fees charged indirectly to the
portfolio assets. Maryland ABLE will offer one FDIC-insured cash option and
three investment options with distinct investment objectives, allowing
Marylanders the freedom to pay for today's needed disability expenses while
saving for the future. In addition, Maryland ABLE will unroll a Prepaid
MasterCard option in early 2018. 
"Maryland ABLE offers individuals with disabilities the opportunity to save
money in a way not possible before. I believe that for many, this will lead
to greater personal empowerment and a financial freedom that was previously
not attainable," said Nancy Kopp, Maryland State Treasurer and Chair of the
Maryland 529 Board. "I'm delighted to see this culmination of advocacy and
hard work result in a program that will positively impact the personal
financial goals of so many Marylanders with disabilities." 
Maryland is among a select group of states offering ABLE programs across the
United States. For more information on Maryland ABLE and to enroll, visit
<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZ
D0mbWFpbGluZ2lkPTIwMTcxMTI4LjgxNTU5MTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE3M
TEyOC44MTU1OTE4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTk2OTAyJmVtYWlsaWQ9b3Blb
mRvb3JzYmVuZWZpdHNAZ21haWwuY29tJnVzZXJpZD1vcGVuZG9vcnNiZW5lZml0c0BnbWFpbC5jb
20mdGFyZ2V0aWQ9JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&100&&&http://www.m
arylandable.org/?utm_medium=email&utm_source=govdelivery>
www.marylandable.org. 
 
 
Sharon Maneki, President
National Federation of the Blind of Maryland
410-715-9596
The National Federation of the Blind knows that blindness is not the
characteristic that defines you or your future. Every day we raise the
expectations of blind people, because low expectations create obstacles
between blind people and our dreams. You can live the life you want;
blindness is not what holds you back.
 
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