MEFA is proud to serve as the state sponsor of Attainable, the Achieving a Better Life Experience (ABLE) Savings Plan. The Achieving a Better Life Experience (ABLE) Act, enacted on December 19, 2014, permits the establishment of ABLE savings accounts under Section 529A of the Internal Revenue Code. MEFA’s Attainable provides a new way of saving for the current and long-term expenses of eligible individuals with disabilities.
The Attainable Savings Plan is advantageous because it:
- Fosters and supports the health, independence, and quality of life of individuals with disabilities
- Offers various investment options
- Provides federal tax benefits
- May be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000)
- Professionally managed by Fidelity Investments
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How It Works
Who is Eligible
Eligible individuals are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26.
The Attainable Savings Plan does not require submission of documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus eligible individuals must retain proof in their personal records. Individuals saving in an Attainable account will be required to certify and attest on the Attainable account application that they meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual re-certification requirements.
Each beneficiary may have only one Attainable Savings Plan account, and the account owner must be the beneficiary. If necessary, a parent or other eligible representative can provide instructions relating to the account.
How To Get Started
It’s easy to open an Attainable Savings Plan account. To get started, visit the Fidelity Investments website. OPEN AN ACCOUNT
Request a Seminar
We offer free Attainable seminars across the Commonwealth to local and state organizations as well as employers to spread awareness on the benefits of an ABLE account.
To request a seminar about Attainable for your organization or group, please complete the Attainable Seminar Request Form.
Additional Resources
The ABLE National Resource Center is managed by the National Disability Institute and is a resource for ABLE education. The site offers frequent webinars, overall basic information on ABLE accounts, and a state program comparison tool.
The Social Security Administration has substantial information on ABLE accounts and how they relate to Social Security.
Project Impact through the Massachusetts Rehabilitation Commission offers benefits counseling for those employed or looking for a job who receive SSI or SSDI. This service is offered in Essex, Barnstable, Bristol, Dukes, Nantucket, Norfolk, Plymouth and Suffolk counties. Project Impact has three designated student benefits counselors who work throughout the entire state with students up to age twenty-two.
If you live in Berkshire, Franklin, Hampden, Hampshire, Middlesex or Worcester Counties, you may contact the UMass Medical School’s Work Without Limits Benefits Counseling to receive help understanding how your wages may affect your benefits.
The Arc is a nationwide disability organization that serves those with intellectual and developmental disabilities. There are local chapters located throughout the Commonwealth.
The Arc of Massachusetts raises awareness for programs and legislation in Massachusetts for individuals with intellectual and developmental disabilities.
The MA Down Syndrome Congress offers information, networking opportunities, and events for the Down Syndrome community.
The Massachusetts chapter of NAMI offers education and support groups for both individuals and families with mental health conditions.
The MA Office on Disability advocates to advance the legal rights, accommodations, and accessibility for those with disabilities across all aspects of life.
IRS Publication 907 is published annually by the IRS and is specifically for individuals with disabilities filing tax returns.
Disclosure
Please carefully consider the Attainable Savings Plan’s investment objectives, risks, charges, and expenses before investing. For this and other information, contact Fidelity for a free Disclosure Document or view one online. Read it carefully before you invest or send money.