8th District Democrat Elissa Slotkin and Pennsylvania Republican Congressman Mike Kelly on Tuesday introduced a bill that would allow employers to make matching contributions, making it easier for individuals with disabilities and caregivers to save for future care.

Called the STABLE (Saving To Achieve a Better Life Experience) Act, it would allow up to $7,500 in matching contributions to tax-exempt savings accounts, known as ABLE accounts, that allow eligible individuals with disabilities to accrue savings without affecting Medicaid or Supplemental Security Income benefits. According to a release from Slotkin’s office, current data shows that less than 3% of families take advantage of ABLE accounts, and many lack the resources or tax incentives to contribute to the accounts. Slotkin says that by allowing employers to match employee contributions to ABLE accounts, much like 401(k) savings accounts, the STABLE Act will increase families’ access to these accounts, and help bolster caregivers’ and individuals’ savings for disability-related expenses.

“I’m so proud to introduce the bipartisan STABLE Act today with Representative Kelly,” Rep. Slotkin said. What I’m most proud of is that this bill came directly from parents in our district who reached out to me and asked for help saving for the long-term care of their adult children with disabilities. After meeting together to talk through legislation, we crafted a bill that allows employers to match ABLE account contributions –– much like a 401(k) matching program –– so that individuals with disabilities can build savings and independence, and caregivers can better support their loved ones.”

Last month, Slotkin introduced a bipartisan bill in coordination with the 8th district autism advocacy community to update the outdated Supplemental Security Income program. "We applaud Representative Slotkin for introducing this important bill, which will bring families and caregivers an important financial savings option for their child with disabilities,” said Colleen Allen, President and CEO of Autism Alliance of Michigan. “The incentive to open and contribute to ABLE accounts through employer matching is a brilliant strategy to encourage more participants."

The bill also allows employers to contribute to both employees’ 401(k) accounts and ABLE accounts, allowing employees to benefit from both benefit programs simultaneously. The bill was referred to the House Ways and Means Committee for further consideration. (JK)