JEFFERSON CITY –– Missouri State Treasurer Eric Schmitt was named to a national leadership role following the successful rollout of the MO ABLE program this past spring. Effective immediately, Schmitt will serve as a co-chair of the Achieving a Better Life (ABLE) Committee for the National Association for State Treasurers.
In this role, Schmitt will partner with national disability advocacy groups and elected officials to advocate for legislative and regulatory reforms at the federal level on behalf of state ABLE administrators. Schmitt will co-chair this committee with Illinois State Treasurer Michael Frerichs.
“Every day, MO ABLE continues to empower Missourians with disabilities while strengthening Missouri families,” said Schmitt. “I am honored to use my voice and my personal experiences to help every person reach their God-given potential.”
Schmitt, whose son Stephen faces the challenges of several profound disabilities, has consistently advoca-ted for all Missourians living with disabilities. While serving in the Missouri State Senate, Schmitt led the successful effort to establish the MO ABLE accounts to help families create savings plans for those loved ones with disabilities.
MO ABLE functions similarly to Missouri’s MOST 529 College Savings Plan. Missourians who contribute to MO ABLE accounts will be eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. State-based ABLE programs are made possible by the federal Achieving a Better Life Experience Act of 2014. Earnings in ABLE Accounts are not subject to federal income tax, so long as funds are spent on qualified disability expenses. Currently, 23 states have launched ABLE programs.
Eligible individuals can learn more and sign up for an account at www.moable.com. An initial contribution of at least $50 is required in order to set up an account.