Governor McKee Signs Treasury Bill To Expand ABLE Savings Program For Disabled Rhode Islanders

Published on Wednesday, June 12, 2024

Providence, RI – Today, legislation championed by Rhode Island General Treasurer James A. Diossa that represents a low-cost way to inform families of children with disabilities of a tax-advantaged savings program available through Treasury, was signed into law by Governor Daniel J. McKee. The legislation H-7612/S-2741 was sponsored by Representative Terri Cortvriend and Senator Melissa A. Murray.

The Rhode Island Achieving a Better Life Experience (ABLE) Act helps to ease financial pressures on disabled individuals and their families. Through ABLE accounts, individuals can save for disability-related expenses tax-free, and without jeopardizing eligibility for state and federal public assistance programs. 

This bill creates a cooperative process in which Treasury will work with local school districts to distribute program information to families of children with individualized education plans (IEPs). 

“I want to ensure families with disabled children have access to financial resources that will help them save for their child’s needs. The ABLE Program improves quality of life for hundreds of Rhode Islanders, and helps those with disabled relatives manage disability-related costs” said General Treasurer Diossa. “All Rhode Islanders should have access to financial stability and growth, including those with disabilities. This bill works to provide parents and guardians with knowledge about available savings options so they can prepare.” 

“The ABLE Act helps connect families of children with disabilities to the financial resources they need to live their best lives,” saidGovernor Dan McKee. “I'm proud to have signed this legislation and I thank the General Treasurer and the legislature for their advocacy.” 

“Every parent wants their child to have a bright future, and to have their needs met throughout their lives. ABLE accounts are an excellent opportunity for parents to provide for their child’s future, and every family whose student might benefit from them should know about them,”said Representative Cortvriend. “Providing that information each year at their IEP meeting is a way to ensure that they are aware of them, and are reminded periodically of how to open an ABLE account for their child’s future.”

“Living with a disability or caring for one with a disability can be really expensive. ABLE accounts permit individuals with disabilities to accrue savings to cover disability-related expenses without sacrificing their eligibility for other public benefits,” said Senator Murray.

Upon passage of this bill, the Office of the General Treasurer will prepare informational materials concerning ABLE and distribute those materials to school districts in conjunction with the Rhode Island Department of Education. Materials will be presented each year at a student’s IEP review meeting, providing continued information to those most likely to benefit from the ABLE program. 

To learn more about the ABLE Program and whether you qualify for an account, visit https://treasury.ri.gov/programs/ris-able.