NC Department of State Treasurer Launches ABLE Information Section on its Website
The North Carolina Department of State Treasurer has launched a special section of its website to provide information on the NC Achieving a Better Life Experience (ABLE) Program, which was authorized by the NC ABLE Act in 2015.
The NC ABLE Act allows people with disabilities and their family members to save money in a 529A account for qualified medical and disability related expenses, similar to the tax-deferred accounts used by families to save for their children’s college education. Under the law, up to $100,000 saved to an ABLE account would not be counted toward a disabled person’s eligibility for Supplemental Security Income or other federal means-tested programs.
The link, at nctreasurer.com, provides answers to frequently asked questions, such as federal regulations on eligibility and age requirements, account fund limits and qualifying expenses under the program. The North Carolina Department of State Treasurer is coordinating the set-up, administration and outreach of this important new program, with a goal to have NC ABLE accounts offered late in 2016. As the program is developed, more information will be added to the website.
People with questions about the status of this program can contact:
Deputy Director, Supplemental Plans
North Carolina Department of State Treasurer