July 19, 2019

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PNC Supports ABLE Accounts: Tax-Advantaged Savings Accounts for People with Disabilities

Submitted by: PNC Financial Services Group

Categories: Finance, Corporate Social Responsibility

Posted: Jun 25, 2019 – 04:23 PM EST

 

Jun. 25 /CSRwire/ - PNC, in the role of custodian, proudly supports the ABLEnow Program offered by the Virginia College Savings Program; the largest independent ABLE Program in the country.  ABLEnow is a fast-growing national program available to eligible individuals residing in any state in the country.

What Are ABLE Accounts?

Signed into law in December of 2014, the Achieving a Better Life Experience (ABLE) Act authorized states to establish tax-advantaged savings programs for individuals with disabilities and their families. While ABLE programs are administered by states, individuals usually do not have to be a resident of a particular state to participate in its ABLE program.

Benefits of an ABLE Account

ABLE accounts allow eligible individuals in the disability community to build assets for today’s needs and invest for tomorrow. Monies placed into an ABLE Account permit a new way to save money without losing eligibility for certain means-tested benefit programs like Medicaid and Supplemental Security Income (SSI). 

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