Treasurer Schmitt announces MO ABLE to Work Initiative during Disability Employment Awareness Month
Thursday, October 4, 2018
Kansas City, Mo – Missouri State Treasurer Eric Schmitt announced the launch of the MO ABLE to Work initiative today while at a roundtable to celebrate Disability Employment Month at Easterseals Midwest. Using the MO ABLE savings platform, this initiative empowers individuals with disabilities by allowing them to save more of their earned wages.
“For too long, people with disabilities were prevented from working and saving due to complex governmental rules and regulations,” said Schmitt. “During Disability Employment Awareness Month, I am happy to launch the MO ABLE to Work provision in Missouri to allow people with disabilities to work, save, and to enjoy the dignity associated with working.”
With the MO ABLE to Work initiative, employed individuals with disabilities who have MO ABLE accounts can contribute up to $12,060 per year beyond the current limitations ($15,000 for 2018) if the difference is from personally-earned wages. This can allow an individual to save up to $27,060 per year in a MO ABLE account without harming their eligibility for means-tested benefit programs. Also, the initiative allows MO ABLE account holders to claim the Saver’s Credit (a nonrefundable federal tax credit for eligible taxpayers for qualified retirement savings contributions) for contributions made to the account from earned wages. Missouri can offer this initiative due to provisions included in the recent federal tax reform package passed in late 2018.
Last year, Treasurer Schmitt launched the MO ABLE disability savings program, which stands for Missourians Achieving a Better Life Experience. The MO ABLE program allows individuals with disabilities to save for long-term needs without harming their eligibility for means-tested benefit programs. Since then, many Missourians have opened these accounts to save. An individual can open an account at www.moable.com.