St. Louis, MO — Missouri State Treasurer Eric Schmitt partnered with the National Down Syndrome Society to continue to raise awareness about the MO ABLE to Work initiative. Launched last week in Kansas City, the MO ABLE to Work initiative uses the MO ABLE savings platform to empower individuals with disabilities by allowing them to save more of their earned wages.
“The MO ABLE to Work initiative allows people with disabilities to get a job, keep their wages, and save for a better future” said Schmitt. “By partnering with the National Down Syndrome Society and advocates across the state, Missouri is becoming a leader to ensure people with disabilities can experience the dignity of work.”
“The ABLE program along with our employment program, #DSWORKS, allows individuals to live independent lives with meaningful employment and savings for the future,” said Sara Hart Weir, President and CEO of the National Down Syndrome Society. “As the leading human rights organization for all individuals with down syndrome, NDSS is thrilled to partner with Treasurer Schmitt and other Missouri leaders to promote our organization and the programs we offer to help individuals with disabilities.”
Treasurer Schmitt will announce the partnership today at a roundtable today hosted by the Down Syndrome Association of Greater St. Louis. The National Down Syndrome Society was instrumental in encouraging Congress to pass the Stephen Beck Jr. Achieving a Better Life (Act) Act in 2014. The bill was named for the vice chair of the Society’s board. Since then, the Missouri State Treasurer’s Office joined with the National Down Syndrome Society to pass enhancements to the ABLE program, such as the ABLE to Work provisions.
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.
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 atwww.moable.com.