Savings plan for people with disabilities reaches another milestone
March 9, 2022 (Little Rock, Ark.) – Assets for the Arkansas ABLE (Achieving a Better Life Experience) Plan grew by 76% during the past year, according to figures released Tuesday during a committee meeting for the Plan. Assets grew to more than $3 million from February 2021 through February 2022, said Treasurer of State Dennis Milligan, whose office administers the program.
“This plan is still new to Arkansas, so the fact that we’ve reached over $3 million in assets in just three-and-a-half years really speaks to the need for this type of savings plan for people with disabilities here in Arkansas,” Milligan said. “It’s really fulfilling to know that this program we launched back in the fall of 2018 is helping so many people.”
The Arkansas ABLE Plan provides a way for people who are disabled to save money for their daily living expenses and does not affect their ability to receive funding from other sources like Supplemental Security Income, Social Security Disability Insurance and Medicaid. Funds from an Arkansas ABLE Plan can be used for any expense related to a person’s disability, such as housing, transportation, education, or assistive technologies.
“With this program, we are helping people with disabilities save money without the fear of losing their other federal benefits,” Milligan said.
There are more than 800 Arkansas ABLE accounts with the average account size being over $4,600, he added.
“Knowing that I have had a hand in helping Arkansans with disabilities keep their money in their own pockets has truly been an honor for me,” Milligan said. “I’m thankful to our legislature and especially Rep. Julie Mayberry for allowing me the privilege of developing this program for Arkansans.”
The Arkansas ABLE Act, led by Rep. Mayberry, was passed in 2015 and implemented in 2018.
For more information about the Arkansas ABLE Plan, visit https://savewithable.com/ar/home.html or call (501) 682-1406.
Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $6 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $456 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov