Gov. Andrew Cuomo signed NY ABLE into law at the end of 2015. Since its launch in New York, 163 accounts have been opened at an average of two or three a day. Many of those who signed up are 35 and under, although the oldest participants are in their 80s, said Anne Del Plato, who is overseeing the program.
On Tuesday, state Comptroller Thomas DiNapoli was in Poughkeepsie to make a push for the program and spoke to a standing-room-only crowd at The Arc of Dutchess, a nonprofit that offers resources and support to the developmentally disabled. Attendees included parents of children with disabilities, caregivers, agencies and nonprofits that focus on the disabled, and a handful of disabled adults
The program’s requirements include being a state resident and have been diagnosed with a disability before 26.
The program’s key features include:
- It is tax-free when used with qualified expenses such as education, transportation and personal support services.
- Accounts can for opened by an individual, parent or guardian with $25 or $15 with payroll deduction.
- Participants can deposit up to $14,000 annually this year, and $15,000 starting in 2018.
- The program has a cap of $100,000 for the accounts.
NY ABLE is structured similarly to the state’s 529 College Savings Program, which has more than $27 billion invested currently, DiNapoli said. In addition, the program offers several investment options.