Annual report

Abstract

The Palmetto ABLE Savings Program allows individuals with disabilities the opportunity to save and invest money while maintaining eligibility for important needs-based benefits. The federal Achieving a Better Life Experience (“ABLE”) Act was passed in 2014. This legislation amended the IRS tax code by adding Section 529A which authorized states to establish programs allowing qualified individuals with disabilities to contribute to tax-advantaged ABLE accounts. These accounts allow eligible individuals to save and invest without jeopardizing eligibility for important needs-based benefits such as Supplemental Security Income (SSI) and Medicaid. In 2016, the South Carolina General Assembly created the Palmetto ABLE Savings Program and designated the State Treasurer’s Office as the program’s administrator.