State Treasurer Announces $100 ABLE Savings Empowerment Grant

In celebration of August 14 marking the first-ever National ABLE Savings Day, State Treasurer Steven Johnson is announcing the expansion of an educational campaign aimed at increasing awareness and access to the benefits of the Kansas ABLE Savings Plan.

The Office of the State Treasurer, the Kansas Department for Aging and Disability Services and the Kansas Council on Developmental Disabilities have partnered to educate Kansans living with a disability about The Stephen Beck Jr., Achieving a Better Life Experience (ABLE) Act of 2014. Under the ABLE Act, a tax-advantaged savings account can be established by qualified individuals living with a disability. Earnings from ABLE funds grow tax-deferred and are tax-free if used for qualified disability expenses. Funds within the account may be used for education, housing, transportation, employment training and support, assistive technology, health and wellness, legal fees, basic living expenses and more. Funds saved within an ABLE account will not affect eligibility for federal means-tested programs such as SSI (up to $100,000), Medicaid and other various public benefits.

Thanks to charitable commitments from CareSource, Arcare and Sunflower Health Plan, the Kansas Financial Empowerment Foundation is currently funding $100 in ABLE empowerment grants to those who establish a new Kansas ABLE account. Individuals and/or their caregiver(s) interested in receiving the $100 ABLE empowerment grant must: submit to the Kansas State Treasurer's Office the name of the eligible individual wishing to receive grant funding, attend an in-person or virtual ABLE educational event and establish a Kansas ABLE account between August 14 and December 31, 2024.

"The ABLE savings plan is one of the most impactful programs administered by the State Treasurer's Office," said Treasurer Steven Johnson. "The $100 empowerment grant is a great way to jumpstart an ABLE savings account, but it's the knowledge gained from participating in our ABLE classes that can have a lifelong impact for ABLE account owners."

Kansans can learn more about the $100 empowerment grant and when and where Kansas ABLE savings classes are available by visiting treasurer.ks.gov/education, emailing ABLEgrant@treasurer.ks.gov or calling 785-296-3171.

(Information courtesy Kansas State Treasurer's Office.)