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FEDERALhearing transcript

High Impact

Senate Hearing on Expanding ABLE Account Eligibility

Original title: SAVING WITH ABLE: FINANCIAL SECURITY FOR PENNSYLVANIANS WITH DISABILITIES

January 1, 2022

disability rights financial planning ABLE accounts federal benefits poverty reduction

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The Frame

What this does

The proposed ABLE Age Adjustment Act (S. 331) would allow individuals who acquire disabilities before age 46, rather than the current age 26, to open tax-advantaged savings accounts to build wealth without losing .

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

People with disabilities

The legislation determines their ability to save money for personal needs without losing federal benefits.

ABLE account owners

They are currently utilizing the accounts to save for housing, education, and retirement.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

The U.S. Senate Special Committee on Aging held a hearing in Pittsburgh to discuss the impact of ABLE savings accounts for people with disabilities. The committee examined the current age-of-onset restriction for account eligibility and discussed proposed legislation to expand access to more individuals.

Why It Matters

Key Facts

The ABLE Act allows people with disabilities to save money for expenses like housing, education, and assistive technology without losing federal disability benefits.
Current federal law restricts ABLE account eligibility to individuals who acquired their disability before age 26.
Senate Bill 331 (ABLE Age Adjustment Act) proposes raising the eligibility age of onset to 46.
As of August 5, 2022, Pennsylvania had over 6,750 ABLE account owners.
Total savings in Pennsylvania ABLE accounts reached nearly $74 million as of August 2022.
The average savings per ABLE account in Pennsylvania is approximately $11,000.
Approximately one in four of the 61 million Americans with disabilities live in poverty.
46 states and the District of Columbia have established ABLE account programs.

Frequently Asked Questions

What is an ABLE account?

It is a special savings account that allows people with disabilities to save money for disability-related expenses without jeopardizing their eligibility for .

Who can currently open an ABLE account?

Currently, an individual must have acquired their disability before their 26th birthday to be eligible.

What would the proposed ABLE Age Adjustment Act change?

It would raise the requirement from 26 to 46, allowing more people who acquire disabilities later in life to open these accounts.

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Expansion of Disability Savings Access

The committee is actively pursuing a legislative shift to move the age-of-onset threshold from 26 to 46 to accommodate individuals who acquire disabilities in adulthood.

ABLE Age Adjustment Act Robert P. Casey, Jr.

Connected Entities

personColton Vazquez“Welcome Director at Open Up Pittsburgh and witness at the hearing.”Map →

personCarrie Bach“Director of MCO Operations at Voices for Independence and witness at the hearing”Map →

personRobert P. Casey, Jr.“Chairman of the Special Committee on Aging and sponsor of the ABLE Act and ABLE ”Map →

personAndrew Duch“Advocate and witness at the hearing.”Map →

personBrenda Dare“Community advocate and witness at the hearing.”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance75
How much this matters to a regular citizen
Controversy10
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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