The Office of Finance and Treasury, of the Office of the Chief Financial Officer, has launched the new DC ABLE Program, which allows individuals with disabilities to save in a tax-advantaged savings account for their future needs and disability-related expenses without the risk of losing key disability benefits.
Accounts with balances of less than $100,000 are excluded from the Supplemental Security Income (SSI) limit, and Medicaid eligibility will not be impacted regardless of the balance in an ABLE account.
DC ABLE offers a range of investment options, including an FDIC-insured checking account that allows for withdrawals using a debit card or by writing a check. This option provides for easy access of funds for everyday disability-related expenses.
Jeffrey Barnette, deputy chief financial officer and treasurer said, “We are proud to be able to offer District residents living with disabilities a new way to save for their future needs. DC ABLE is the perfect tool to help serve the disability community and is long overdue. Through our collaboration and partnership with Ascensus College Savings and the National ABLE Alliance, we have launched a program that all District residents should be proud of.”
DC ABLE is a member of the National ABLE Alliance, and the program is managed by Ascensus College Savings Recordkeeping Services, LLC (Ascensus). The National ABLE Alliance is a partnership of 13 States dedicated to providing those living with disabilities with multiple financial options at low cost. Ascensus also is the program manager for the DC College Savings Plan.
For more information about DC ABLE (the "Member Plan"), call (888) 609-3458 or visit https://savewithable.com/dc to obtain Plan Disclosure Documents, which include investment objectives, risks, charges, expenses, and other important information about the Member Plan. Please read and consider the Plan Disclosure Documents carefully before investing.
Before investing in any ABLE program, you should consider whether your home state offers an ABLE program that provides its taxpayers with favorable state tax or other benefits that are only available through investment in the home state's ABLE program. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to directly contact your home state's ABLE program, or any other ABLE program, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
About the DC ABLE Program
DC ABLE Program (the “Member Plan”) is sponsored by the Government of the District of Columbia and is administered by the Office of Finance and Treasury for the District of Columbia. The Member Plan is an ABLE plan offered through the National ABLE Alliance. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping and administrative services. The Member Plan’s Investment Options invest in mutual funds, ETFs, banking products and/or other investments. Except for the Checking Option, subject to certain restrictions, investments in the Member Plan are not insured by the FDIC. Interests in the Member Plan are municipal securities and the value of your account will vary with market conditions.
Investment returns will vary depending upon the performance of the Investment Options you choose. You could lose all or a portion of your money by investing in the Member Plan depending on market conditions. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences. All marks are the exclusive property of their respective owners. Investments are not FDIC-Insured (except for the Checking Option, subject to certain restrictions). No Bank, State or Federal Guarantee. May Lose Value.