R.I. joins partnership to curb disability costs

PROVIDENCE – Rhode Island families will have access to a multistate consortium to invest money for disability-related expenses, General Treasurer Seth Magaziner announced on April 12.

The consortium will manage a tax-advantaged investment portfolio similar to those currently used to save for college, such as Rhode Island’s College-Boundfund.

Rhode Island will join Alaska, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, Pennsylvania and Wisconsin to solicit a competitively priced and structured program. The 10 states represent more than 53 million residents in four time zones.

“Rhode Island’s ABLE program will help families put their children with disabilities on a path toward financial stability in adulthood,” Magaziner said in a statement. “We are exploring whether Rhode Island can accomplish this at a lower cost by partnering with other states.”

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The state will also continue to explore other such partnerships.

Nationally, 40 states have passed ABLE legislation, though none have launched their programs. •

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