Pictured from left to right: Treasurer David H. Lillard, Jr. announces ABLE accounts are now available in Tennessee. Joined by Commissioner Many-Bears Grinder, Representative Debra Moody, Lorri Mabry, Meghan Maynard, and Michael Scott.
photo by Dawn Majors, State of Tennessee
Monday morning, State Treasurer David H. Lillard, Jr. announced the opening of ABLE TN, Tennessee’s own Achieving A Better Life Experience program, a program to help those with disabilities plan and save for the future. A program of the Tennessee Treasury Department, ABLE TN will allow account holders the opportunity to save and invest with tax-free earnings to help individuals with disabilities maintain independence and quality of life, officials said.
"Tennessee is one of the first states in the nation to offer these savings accounts. ABLE TN accounts are easy to set up and manage at AbleTN.gov. Earnings on investments in an ABLE TN account will be tax-free as long as the funds are used to cover the cost of qualified disability expense," officials said.
“I commend the Tennessee General Assembly for passing legislation that positively impacts our most vulnerable citizens,” Treasurer Lillard said. “As with all of the programs in the Treasury Department, we will remain dedicated to those who participate and those who wish to join us in educating communities on how these programs can make a difference in the lives of Tennesseans.”
Treasurer Lillard was joined by Representative Debra Moody (R) of Covington, Commissioner Many-Bears Grinder of the Department of Veterans Services, and some of the families who are excited to open ABLE TN accounts in Tennessee. The Tennessee ABLE Act was passed by the 109th General Assembly. The legislation was sponsored by Senator Becky Duncan Massey (R) of Knoxville in the Senate and by Representatives Steve McManus (R) of Cordova and Kevin Brooks (R) of Cleveland in the House. The Act was cosponsored by Senate Majority Leader Mark Norris (R) of Collierville, Senator Ken Yager (R) of Kingston, and Senator Steve Dickerson (R) of Nashville in the Senate and Representative G.A. Hardaway (D) of Memphis.
“As Executive Director of the Sertoma Center, I work with over 100 adults who live with intellectual disabilities. I know the families that will greatly benefit from the savings possible in an ABLE TN account,” Senator Massey said. “I am so proud that Tennessee is one of the first states in the nation to offer these accounts.”
“My wife and I are parents, and we know what it’s like to worry about your children and their financial future. We wanted this resource to be available to help the thousands of Tennessee parents who need more help to save for the costs of care for their children,” said Representative Brooks.
“Treasury manages our state pension, a top-funded public pension plan in the nation, and TNStars, which receives national accolades for its investment performance,” Representative McManus said. “I have confidence that Treasurer Lillard and our Treasury Department will offer and sustain a strong ABLE program.”