Delaware State Treasurer Colleen Davis, alongside U.S. Senators Tom Carper and Chris Coons, celebrated the first-ever ABLE Savings Day, highlighting the importance of Achieving a Better Life Experience (ABLE) accounts. This new initiative aims to boost awareness and participation in ABLE accounts, which are instrumental in enhancing financial independence for individuals with disabilities.

“ABLE accounts are more than just a savings tool—they represent a significant step towards equality by offering individuals with disabilities the same opportunities to save and invest as anyone else,” said Treasurer Davis. “The majority of people with disabilities rely on public benefits like SSI, SNAP, and Medicaid for income, health care, food, and housing, but to qualify for those benefits, they can only have up to $2,000 in assets. That’s just not feasible and it’s just not fair.”

ABLE allows individuals with disabilities and their families to save for a broad range of expenses in an account that is not counted against that $2,000 limit. Additionally, interest on funds in an ABLE account grows tax-free, and as long as money is used for “Qualified Disability Expenses,” withdraws are tax-free, as well.
Since the launch of DEPENDABLE (Delaware’s ABLE plan) in late 2018 the program has seen remarkable growth. By December 2023, just five years after the first account opened, DEPENDABLE had surpassed $4 million in assets, representing a 49% increase from the previous year. As of August 1, 2024, DEPENDABLE held 500 funded accounts and just under $5.4 million dollars in assets under management.

Senators Carper and Coons, who have been pivotal in advancing legislation supporting the ABLE program, joined Treasurer Davis for the event.

“ABLE Savings Day not only showcases the benefits of these accounts but also highlights the ongoing need for legislative support to fully realize their potential,” said Treasurer Davis.

Senator Carper and Senator Coons both recently co-sponsored the ENABLE Act (S. 4539), which seeks to strengthen ABLE by making permanent three provisions scheduled to expire in 2025.

“Since its passage, the ABLE Act has allowed over 162,000 people with disabilities in the U.S. to save more than $1.74 billion,” said U.S. Senator Tom Carper. “We all know the importance of saving for the future, so along with Senator Coons and 16 of our colleagues on both sides of the aisle, I cosponsored the ENABLE Act which makes permanent three sunsetting provisions of the ABLE Act that will help us continue to level the playing field for Americans.”

“Delawareans with disabilities need accessible programs that help them build their own futures on their own terms,” said U.S. Senator Chris Coons. “The ENABLE Act will protect expiring ABLE Act provisions that provide self-sufficient, employed individuals with disabilities with the peace of mind that they can still save for themselves while also accessing the federal assistance afforded to them.”

Congresswoman Lisa Blunt Rochester was unable to be at the event but joined the celebration of ABLE Savings Day.

“National ABLE Act Savings Day reminds us that the way to create a more fair, accessible, and inclusive world is by empowering people with disabilities to live fulfilling lives,” said Rep. Lisa Blunt Rochester. “I commend the Food Bank of Delaware for being a long-standing partner in providing employment and educational opportunities to people with disabilities across our state, and I thank State Treasurer Davis for bringing awareness to the importance of ABLE accounts.”

The event took place at the Food Bank of Delaware, an active partner in promoting DEPENDABLE. The Food Bank not only educates its training program students about ABLE accounts but also employs individuals with disabilities.

“Hiring people with disabilities enriches our organization with diverse perspectives and skills,” said Cathy Kanefsky, Food Bank of Delaware President and CEO. “By empowering individuals with disabilities through employment and training, and educating them about the power of ABLE accounts, we’re helping them achieve financial stability and independence, reducing their reliance on food assistance and other services, and lifting them out of poverty. This is a win-win for everyone involved—it strengthens our community and supports our vision of a community free of hunger.”

Treasurer Davis reiterated the importance of continuing to spread awareness about ABLE accounts.
“Today marks a pivotal moment in our commitment to empowering individuals with disabilities,” Davis said. “We celebrate the transformative impact of these accounts and their role in fostering growth and financial well-being.”

Kayla Kosmalski, an 18-year-old from Middletown recently crowned Miss Delaware Teen USA, was one of the first ABLE account holders in Delaware. When the original legislation was passed in Delaware, it was known as “Kayla’s Law.”

“I have always had big goals. My goal of graduating high school with a diploma this past June, was one of those goals. I am so thankful that I was able to deposit all of my graduation money into my ABLE account. I will continue to advocate for ABLE and all other legislation that will create a positive impact for people, like me, living with a disability. ”

To learn more, visit able.delaware.gov.

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