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Alabama has new Tax Free Savings Plan for disabled

By Staff Report
Alabama Political Reporter

Wednesday, August 9, 2017, Alabama Governor Kay Ivey (R) proclaimed that August is #ABLEtoSave Month in Alabama

State Treasurer Young Boozer (R) announced the Enable Savings Plan Alabama’s participation in #ABLEtoSave Month. Enable Alabama joins the nationwide #ABLEtoSave Month campaign, spearheaded by the ABLE National Resource Center (ANRC), aims to educate individuals with disabilities, their families, financial institutions and the general public about ABLE accounts and the financial independence they provide to the disability community.

Treasurer Boozer said, “It is an honor to join disability organizations and ABLE programs across the country in partnership with the ABLE National Resource Center to promote such a worthy cause.”

Treasurer Boozer said, “The ABLE Act has provided new and exciting opportunities for the disability community and we are proud to celebrate the financial independence they have gained as a result.”

Enable Alabama will promote #ABLEtoSave Month through its blog and Facebook page, addressing themes such as eligibility, qualified disability expenses, financial literacy, and enrollment.

Enable Alabama was launched in February.  It provides tax-free savings accounts to people with disabilities, allowing them to save without affecting their public benefits like Medicaid and Supplemental Security Income (SSI).

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The Managing Director of College Savings Plans for the First National Bank of Omaha Deborah Goodkin said, “In just six months, we have already witnessed firsthand the remarkable ways that Enable Alabama is positively impacting the lives of our account owners,.  This month is a valuable opportunity for us share the resources offered by Enable Alabama and connect with members of our community in spreading the word about the ABLE Act and how it has paved the way for a brighter future for individuals with disabilities.”

Enable Alabama is a tax-advantaged savings plan to help make saving simple and affordable for individuals with disabilities. The State of Alabama, through the ABLE Program Board, contracted with the Nebraska State Treasurer to create Enable Savings Plan Alabama as part of the Trust.  The Nebraska State Treasurer serves as Program Trustee. First National Bank of Omaha serves as Program Manager, and investments are approved by the Nebraska Investment Council.

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Young Boozer III is the 39th State Treasurer of Alabama. He was elected to his first four-year term on November 2, 2010 and was unopposed and reelected for a second term on November 4, 2014.  Boozer is term limited from running again.  As State Treasurer, Boozer is responsible for the cash management duties of receiving, depositing and investing all State funds, bond management, unclaimed property, two college savings programs and management of the State’s collateral pool for public funds deposits.  Boozer also serves on various State-related boards including Alabama’s Teacher Retirement System and Employee Retirement System – Judicial Retirement Fund Boards, the State Board of Adjustment, the Alabama Housing Finance Authority, the Community Service Grants Executive Commission, the Industrial Access Road and Bridge Corporation Board and the 457 Advisory Board.

Boozer was born in Birmingham and raised in Tuscaloosa. He is an Eagle Scout and received the Distinguished Eagle Scout Award. Boozer has a bachelor’s degree in economics from Stanford University and a Master’s degree in finance from the Wharton School at the University of Pennsylvania in 1973. Boozer has worked for Citibank in New York, Crocker National Bank in Los Angeles, Coral Petroleum in Houston, and Colonial Bank in Montgomery.

Boozer is married to the former Sally Jackson of Clayton, Alabama.  They have four children.  They attend the Church of the Ascension in Montgomery.

Boozer was Deputy State Finance Director for Alabama Governor Bob Riley after retiring from banking in 2007. During his tenure in the Alabama Department of Finance, Boozere played a key role in saving millions of taxpayer dollars through the restructuring of State bond debt and derivatives. Boozer left the Riley Administration in early 2010 to run for State Treasurer in his first race for elected office.

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The Alabama Political Reporter is a daily political news site devoted to Alabama politics. We provide accurate, reliable coverage of policy, elections and government.

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