PRESS RELEASE
Missouri Treasurer Vivek Malek promotes MOABLE program at Special Olympics Missouri event
JEFFERSON CITY, MO – Missouri State Treasurer Vivek Malek today attended the 2023 State Summer Special Olympics Games in Columbia to cheer participants on to victory as well as promote the MO ABLE program which is administered by the State Treasurer’s Office.
“Through the MO ABLE program, eligible Missourians with disabilities have the opportunity to open an investment account to save money without losing eligibility for certain public benefit programs such as Medicaid or Supplemental Security Income”, said Treasurer Malek. “It is important to note that earnings from these accounts are not subject to federal and state income tax when spent on qualified disability expenses”
In December 2014, the United States Congress passed the Achieving a Better Life Experience (ABLE) Act. With the passage of the federal ABLE Act, in 2015, the Missouri General Assembly moved forward and passed legislation to create the Missouri version of the ABLE Act, which is better known as MO ABLE. Through this program, eligible individuals can save for their everyday needs, invest in a tax-free account and prepare for the future without losing their state or federal benefits.
“MO ABLE through the Missouri Treasurer’s Office is available to help Missourians to achieve greater independence and financial security”, said Treasurer Malek. “I would like to encourage Missourians to learn more about this important program and determine whether they are eligible to participate”
Through a MO ABLE investment account, eligible Missourians can choose up to five different savings and investment options, including four mutual fund based options and a FDIC-insured savings option. Some qualified expenses include basic living expenses, housing, transportation, employment training, education, health and wellness, and financial management.
As of March 31, 2023, there were just over 3,000 MO ABLE active investment accounts containing nearly $30 million in assets.
Additional information is available via the Internet at MOABLE.com or by calling 1-800-439-1653.
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Vivek Malek was sworn in as Missouri’s 48th State Treasurer on January 17, 2023, the latest chapter in his inspiring American story. Born in Rohtak, India, he earned bachelors and law degrees in India before coming to Southeast Missouri State University at Cape Girardeau for his master’s in business administration. On February 26, 2020, Gov. Mike Parson tapped Vivek to serve on the Southeast Missouri
State University Board of Governors. Gov. Parson again recognized Vivek’s leadership on Dec. 20, 2022, appointing him as Missouri State Treasurer. Vivek and his wife Riju are the parents of three very active children: Daughter Naija, son Viraj and youngest daughter Myra.
