MONTGOMERY, Ala. (AP) — The state of Alabama is launching a savings program meant to help people with disabilities.
The new Enable Savings Plan Alabama is modeled on a national program that lets people save tax-free for future expenses related to disabilities.
A statement by State Treasurer Young Boozer says the savings can accumulate without people jeopardizing their eligibility for public benefits.
Enable Alabama offers five investment options for savers. Participants can save as much as $14,000 annually, and their total assets can grow to $100,000 without affecting benefits based on personal finances.
While the state program is based on a national model, Boozer says it’s been customized for Alabama residents. Details are available at EnableAL.gov.
The program begins on Feb. 26.