A message from Treasurer Smith

Dear Friends,

Individuals with disabilities face a variety of challenges; pursuing financial freedom shouldn’t be one of them.

Achieving a Better Life Experience (ABLE) accounts help individuals with disabilities and their support systems save for Qualified Disability Expenses while maintaining their eligibility for crucial assistance programs, such as Supplemental Security Income (SSI) and Medicaid. For the first time, individuals with disabilities can set short- and long-term financial goals with the help of ABLE accounts.

IAble is Iowa’s ABLE plan and as its administrator, I am excited to share some key highlights the Plan has to offer:

Protection

Yes, it’s true - IAble Account Assets are disregarded from federal means-tested benefits. SSI recipients can protect up to $100,000 in an IAble account and continue their eligibility to receive benefits. Any amount saved in an IAble account is disregarded from eligibility for Medicaid, Supplemental Nutrition Assistance Programs (SNAP), Housing and Urban Development (HUD) and the Free Application for Federal Student Aid (FAFSA).

Flexibility

IAble provides six Investment Options and a Checking Account Option. This gives Account Owners flexibility to choose how they want to invest their money, or choose to have it available at the swipe of a debit card (or both)! There is also a wide variety of expenses Account Owners can pay for with their savings. From paying for basic living expenses to purchasing a home, the list of Qualified Disability Expenses is extensive.

Tax Savings

IAble Account Owners and their support systems also benefit from tax savings. Earnings on investments are federally tax-deferred and tax-free, if used for Qualified Disability Expenses. Iowa taxpayers can deduct up to $3,785 in contributions to an IAble account from their Iowa income taxes in 2023. This is adjusted annually for inflation and is not limited to the Account Owner – any Iowa taxpayer who contributes is entitled to the deduction.

Support

We understand every individual’s situation is different. If an Account Owner is unable or unwilling to open their own Account, a variety of individuals may have the chance to open an Account on their behalf and act as an Authorized Individual.

Ready to get started? Create an Account online or contact our savings specialists for support. All it takes is a $25 contribution!

For details about IAble, read the Plan Disclosure Booklet.

Happy saving!

Sincerely,

Roby Smith
State Treasurer of Iowa

For more information about IAble (the "Member Plan"), call (888) 609-8910, or visit https://www.IAble.gov to obtain a Plan Disclosure Booklet, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

Before investing in any qualified ABLE program, you should consider whether your home state offers a qualified ABLE program that provides its taxpayers with favorable state tax and other benefits that are only available through investment in the home state's qualified ABLE program. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to directly contact your home state's qualified ABLE program, or any other qualified ABLE program, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The Member Plan is sponsored by the state of Iowa and administered by Treasurer of the State. The Member Plan is one of the qualified ABLE plans issued by the Ascensus ABLE Consortium Trust. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping and administrative services. The Member Plan offers a series of Investment Options within the Ascensus ABLE Consortium Trust. The Member Plan is intended to operate as a qualified ABLE plan to be used only to save for Qualified Disability Expenses, pursuant to the Section 529A of the U.S. Internal Revenue Code, as amended.

This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under federal or state tax laws. This material is not an offer to sell or a solicitation of an offer to buy any securities. Participation in the Member Plan does not guarantee that contributions and the investment return on contributions, if any, will be adequate to cover future expenses or that an Account Owner is eligible to participate in the Member Plan.

A message from Treasurer Smith

Dear Friends,

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