PRESS RELEASE
State Treasurer Vivek Malek announces increase in MOABLE.com accounts
Today, Missouri State Treasurer Vivek Malek announced that enrollment in MOABLE.com accounts grew by more than 8 percent in the first six months of 2023. The MO ABLE program allows Missourians with disabilities to save for their everyday needs without risking loss of state or federal benefits.
“This great program exists to help Missourians with disabilities help themselves, and I’ve made it a priority during my first six months as Treasurer and overseer of MO ABLE to spread the word about its benefits,” Treasurer Malek said. “From January through the end of June, the number of Missourians with MO ABLE accounts grew by 8.4 percent, with 3,207 active accounts statewide.” For the first six months of this year, MO ABLE investment assets within the State Treasurer’s Office grew by more than $5 million to a total of $31,404,270.
Through MOABLE.com, eligible Missourians with disabilities have the opportunity to open an investment account and save money without losing eligibility for other benefits, such as Medicaid or Supplemental Security Income (SSI). For example, MOABLE.com accounts may invest their money into a FDIC-insured savings account or different mutual fund options. Earnings from these accounts are not subject to federal and state income tax when spent on qualified expenses.
Money from MOABLE.com accounts may be spent for qualified expenses, including basic living costs, housing, transportation, employment training, education, health and wellness, and financial management.
On Saturday, July 22nd, the State Treasurer’s Office will be participating in the Missouri Youth Leadership Forum on the University of Missouri-Columbia campus to promote the MO ABLE program. The Forum is hosted by the Governor’s Council on Disability in collaboration with the MU College of Education, MU Pre-Employment Transition Services, Paraquad and the Missouri Division of Vocational Rehabilitation.
In December 2014, the United States Congress passed the Achieving a Better Life Experience (ABLE) Act. With the passage of the federal ABLE Act, the Missouri General Assembly in 2015 passed legislation creating the Missouri version of the ABLE Act, which is better known as MO ABLE. To learn more, visit www.MOABLE.com or call 1-800-439-1653.
