August marks the nationally celebrated ABLE to Save Month, based on the federal Achieving a Better Life Experience Act (ABLE Act). The Act created a new option for qualified individuals living with disabilities and their families to save for the future, while protecting eligibility for public benefits. Although ABLE accounts come from the federal ABLE (Achieving a Better Life Experience) Act, they are established and managed on a state level. ABLE Savings Plan programs
across the country will highlight the value and importance these plans bring to those living with disabilities this month. https://nast.org/able/
In honor of the month, Maine Treasurer, Henry Beck, announced that Maine’s program, which is expected to launch by year end, will be the first of its kind in the country. ABLE ME is a new program of the State of Maine Office of the State Treasurer, and Bangor Savings Bank has been named the administrator of the program.
Beck said, “Nationally, ABLE accounts have gained traction and the structure of those accounts closely mirrors a 529 college savings account, with invested assets. Through our collaboration with Bangor Savings Bank and community advocates, we concluded that a transactional, FDIC-insured, checking account would best serve the needs of both young and adult Mainers with disabilities, and their families.”
“Creating greater financial empowerment in our communities is central to our You Matter More Promise,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “We’re honored to step forward in partnership with the State Treasurer’s Office to create this innovative and beneficial program for Maine’s people with disabilities. Collaboration between the public and private sector is an integral part of Maine’s economy, and we are proud to contribute to greater economic mobility for those who qualify for this program."
Bangor Savings Bank is currently developing the Maine ABLE Benefit CheckingSM account. Until account development is complete and available, please direct all questions to The Office of the Maine State Treasurer.
About ABLE
ABLE plans can change the way individuals with disabilities and their families participate in the community, build financial wellness, and plan for the future by empowering them to save for the added expenses that come with having a disability without losing access to federal means-tested benefits.
ABLE accounts foster person-centered independence, build self-reliance, encourage employment, and improve quality of life. Without an ABLE account, individuals currently receiving Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits are limited to savings in the amount of $2,000. This creates a real barrier to financial independence and limits a person’s economic mobility.
For more information about ABLE Savings Plans across the country, visit the National Association of State Treasurers. The Office of the Maine State Treasurer will update its website as plans for ABLE ME rollout get closer.
About the Treasurer’s Office
The Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine. The core duties of the Treasurer’s Office are debt management, cash management, trust fund administration and unclaimed property administration. Other major tasks assigned to the Treasurer are directorships on many of Maine’s quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.
About Bangor Savings Bank
Bangor Savings Bank, with more than $6 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 169th year with more than 60 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation have invested more than $3.4 million into the community in the form of sponsorships, grants, and partnership initiatives last year. Bangor Savings Bank is an equal opportunity employer and can be found on the Web at www.bangor.com. Member FDIC.