FOR IMMEDIATE RELEASE: June 14, 2017
Media Contact: Gillian Johnson
ABLE TN Celebrates One Year of Helping Individuals with Disabilities
NASHVILLE – This week, State Treasurer David H. Lillard, Jr., and the Tennessee Department of Treasury are celebrating the first anniversary of ABLE TN! One of the nation’s first Achieving a Better Life Experience programs to launch, ABLE TN has provided a valuable resource to help more than 1,000 individuals with disabilities save more than $5 million since June 2016.
Administered by the Tennessee Treasury Department under the leadership of David H. Lillard, Jr., ABLE TN is a savings program designed to help individuals with disabilities put aside money to pay for qualified expenses. ABLE TNoffers the same top performing investment options available through the TNStars® College Savings 529 Program, which has consistently been ranked among the top 5 direct sold college savings plans in the nation for investment performance by Saving for College, LLC.
Individuals and their families can save up to $100,000 in an ABLE TN account with no impact to federal means- tested benefits. There is no state residency requirement. All qualified U.S. residents with a disability that occurred before their 26th birthday can open an ABLE TN account. ABLE TN is proud to have account holders from 45 states.
“The Treasury Department built ABLE TN based on the principals of sound financial management that Tennesseans expect,” said State Treasurer David H. Lillard, Jr. “I am proud to see individuals from around the country choosing ABLE TN to save for the future.”
Individuals may use the funds saved for expenses related to their disability such as education, housing, healthcare, and assistive technology, allowing participants to maintain independence and a greater quality of life.
“With the ABLE TN account, if I have money, saved money, then I have options,” said Jennie Scott, mother of Michael, who was one of the first participants to open an ABLE TN account.
The Tennessee Department of Treasury and ABLE TN will be celebrating its first year all month long on social media and encourage Tennessee families to join in! Share your stories on social media with the hashtag #1YearABLE and follow ABLE TN on Facebook (@ABLETN) and Twitter (@ABLETennessee). For more information about ABLE TN, to determine eligibility or to open an account, visit AbleTN.gov.
About ABLE TN
ABLE TN is a savings program designed to help individuals with physical and/or mental disabilities put aside money with tax free earnings to pay for qualified expenses. There will be no impact on federal means-tested benefits for accounts with a balance of less than $100,000. There is no state residency requirement. All qualified U.S. residents with a disability that occurred before their 26th birthday can open an ABLE TN account, if they are eligible to receive Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), or have obtained a disability diagnosis by a qualified physician. To determine eligibility, visit the ABLE Assist tool available on AbleTN.gov. The individual with the disability is the owner of the account, but accounts may be created by the beneficiary, parents/guardians or a third party. Beneficiaries are limited to one ABLE account at a time. For more information or to open accounts, visit AbleTN.gov.
About the Tennessee Treasury Department
Treasury is responsible for many financial matters for the state, including management of over $60 billion in assets through its various investment programs. The Department is responsible for receiving, investing and disbursing public funds, and managing all state investments including the state retirement plan.
The Treasury Department also has a number of customer focused programs that educate and support the financial lives of Tennesseans, such as the nationally-recognized TNStars® College Savings 529 Program, the Tennessee Financial Literacy Commission, RetireReadyTN, the Criminal Injuries Compensation Fund, and the Unclaimed Property Division.