Central Bank has joined the ranks of businesses in the state who offer payroll deductions to its employees for the MO ABLE program, according to the state treasurer's office.
State Treasurer Scott Fitzpatrick has been announcing partnerships this month with chambers of commerce throughout the state to encourage businesses to add payroll deductions for MO ABLE accounts.
The accounts allow people with disabilities or parents of children with disabilities to build up savings without losing eligibility for federal benefits such as Medicaid.
Missouri's program was launched in 2017, and lets individuals and their families save up to $15,000 a year, tax-free. More information is available at moable.com.
According to Fitzpatrick's office, "MO ABLE currently has 1,728 accounts and over $12 million in assets under management, making it one of the largest ABLE programs in the country."
Central Bank will begin offering payroll deductions for employees' MO ABLE accounts in 2021.
The bank's president and CEO David Minton said in a news release from Fitzpatrick's office: "MO ABLE is an easy, seamless payroll deduction solution that will work well for our HR department and employees. Those in our organization with disabilities or who have children with disabilities will have more options to save for the future. More than anything else, MO ABLE reflects our company's values and will be a great addition to those who need it."
Other employers offering the payroll deduction include CoxHealth, Missouri State University, Truman State University and the University of Central Missouri.