Creating ABLE Accounts Enables People with Disabilities to Save for Their Future
without Risking Benefits
On Thursday, November 21, 2019, John’s Crazy Socks will host an evening presentation on the NY ABLE program. NY ABLE helps New York State residents with disabilities to deposit money into a saving and investment account that will not affect public benefits such as Medicaid, SSI, HUD and other programs. Accounts earnings also grow tax-free at both the federal and state level when funds are used for qualified disability expenses.
The event is hosted by John’s Crazy Socks, the National Down Syndrome Society (NDSS) and the New York State Comptroller’s Office, which administers the NY ABLE program. At the event, people with disabilities, along with their guardians and families, can learn how the NY ABLE Program works and see a demonstration on how to set up a NY ABLE account.
John Cronin, co-founder of John’s Crazy Socks, says, “We hire people with differing abilities and we want them to keep as much of their paycheck as possible. The NY ABLE Program enables people to work and save more of their earnings.”
“NY ABLE gives individuals with disabilities and their families a powerful new tool,” New York State Comptroller Thomas P. DiNapoli said. “Now, people with disabilities can save money without the fear of losing the critical benefits that make day-to-day life possible.”
Solving a problem for Employees with Disabilities
Many people with disabilities receive SSI, SSD, Medicaid and HUD benefits. Even if they limit the number of hours they work, if a person saves too much money, he or she may lose SSI and Medicaid. Legislation changed this for those who invest in ABLE accounts.
In December 2014, Congress passed the Stephen Beck, Jr. Achieving a Better Life Experience Act, better known as the ABLE Act, which enables eligible individuals with disabilities to save money in a tax-exempt account that may be used for qualified disability expenses. This allows qualified individuals with disabilities to save money while keeping their eligibility for federal public benefits. The NY ABLE Act was signed into law in New York State in December 2015.
The National Down Syndrome Society was in the forefront of the effort to pass the federal ABLE legislation. Kandi Pickard, the CEO of the NDSS, says, “ABLE Accounts are helping people with Down syndrome retain more of their earnings and move towards true independence.”
The NY ABLE Account Information Event at John’s Crazy Socks
The event will take place in the offices of John’s Crazy Socks. The agenda will include a presentation on the value of NY ABLE, how the accounts work and how to open an account. Staff from the New York State Comptroller’s Office will be on hand to answer questions and provide additional material about the program.
Date: Thursday, November 21, 2019
Time: 6 p.m. – 8 p.m.
Location: John’s Crazy Socks 40 Republic road, Melville, NY 11747
Tickets are free, but must be obtained in advance. You can order tickets online by clicking here: https://jcsableaccount.eventbrite.com.
John’s Crazy Socks is committed to showing what people with differing abilities can do. Over half the employees at John’s Crazy Socks have a differing ability. John’s Crazy Socks is helping its employees create ABLE Accounts because these accounts allow for direct deposit.
Mark X. Cronin, co-founder of John’s Crazy socks, explains, “We set up 401(k) accounts for our employees so it is only natural to set up ABLE Accounts so our colleagues can put money from their paychecks to save for their future and retirement like everyone else. It lets them save more money without losing benefits.”
NY ABLE and the New York State Comptroller’s Office
The 2014 legislation that created ABLE accounts requires them to be administered by state governments. NY ABLE is administered by the New York State Comptroller’s Office.
Prior to ABLE, people utilizing SSI had a $2,000 savings limit. With NY ABLE, employees of John’s Crazy Socks can set aside a portion of their paycheck, and make other account deposits, for future expenses. Funds in an ABLE account do not count toward the $2,000 SSI benefits resource limit. More information about NY ABLE Accounts can be found at https://www.mynyable.org and 1-855-5NY-ABLE.
Mark X. Cronin says, “John and I are very excited to do this for our colleagues. We want John’s Crazy Socks to be a great place to work and we want to take care of our colleagues.”
About John’s Crazy Socks
John’s Crazy Socks is a father-son venture inspired by John Lee Cronin, a young man with Down syndrome, and his love of colorful and fun socks—what he calls his “crazy socks.” We're on a mission to spread happiness. The company is built on four pillars:
- Inspiration and Hope: We hire people with differing abilities, share videos to show what people can do, host school tours and school groups that come for work experience. We want the world to see what people with differing abilities can do.
- Giving Back: We donate 5 percent of our earnings to the Special Olympics and raise money through our Sock of the Month Club and charity and awareness socks for our charity partners like Autism Speaks, the Autism Society of America, the National Down Syndrome Society, and the Williams Syndrome Association. We have raised more than $300,000 for our charity partners and publish a monthly Giving Back Report.
- Socks You Can Love: We have the largest possible selection of socks plus a Sock of the Month Club, gift boxes and gift bags. And our selection is matched by our customer service: Most customers receive their socks within two days of ordering.
- Making It Personal: Every package gets a thank-you note from John and some candy.
For more information about John’s Crazy socks, visit our webpage, Facebook page, Instagram account or YouTube channel. You can also contact us at 631-760-5625 or via email at service@johnscrazysocks.com.
The National Down Syndrome Society (NDSS)
The National Down Syndrome Society is the leading human rights organization for all individuals with Down syndrome. The NDSS played a critical role in the multi-year effort to pass the ABLE Account legislation. The National Down Syndrome Society envisions a world in which all people with Down syndrome have the opportunity to enhance their quality of life, realize their life aspirations and become valued members of welcoming communities. You can learn more by visiting their website, emailing info@ndss.org or calling 800-221-4602.
