Missouri State Treasurer Vivek Malek visited Mexico in mid-April to promote the MO ABLE program, which allows disabled residents to invest their money in five different savings and investment options.

The investment earnings are tax-free when used to pay for qualified expenses, according to information from MO ABLE.

During a stop April 14 at the Audrain County Commissioners office, Malek, who also visited two other counties that day and is promoting the program around the state, said the program has been operating for eight years. He said he has grown the program in the last two years since he took office by 46%. Audrain County has 17 MO ABLE accounts, and Callaway County has 51 accounts.

“This month, we are also having a promotion: If you open an account with $25, then we will be matching it with $25,” he said. 

Malek said there are 4,300 accounts across the state, and the average account balance is about $11,000. The total asset value is about $49 million. Qualifying expenses can include basic living expenses, housing and transportation, among others.  

The program was started by now U.S. Sen. Eric Schmitt, who was state treasurer in 2017 when he began the program. Malek said Schmitt’s motivation was that he has a son with a disability. 

Missouri is part of a multi-state consortium through a partnership with STABLE Account, a national ABLE plan administered through the Ohio Treasurer’s Office. Malek said there are eligibility criteria to meet, such as a person’s qualifying disability occurring before the age of 26. That age will be extended to before 46 starting Jan. 1, 2026. 

On the MO ABLE website, the program states recipients can get tax-free savings for disability related expenses and the ability to save and invest without losing needs-based benefits. The website includes information on how people may sign up, and the account can be managed online, providing users a way to access, contribute or withdraw money. Friends and relatives can add to the account, too, the information states. Users can contribute up to $19,000 per year. If an individual is employed, he or she may be able to contribute up to an additional $15,060 of income. 

Also, participants may choose from among five different investment options, including four mutual fund-based investments and one FDIC-insured savings option. Plus, users have the freedom to change their investment options twice every calendar year. More information about the program is available here: moable.com.

During his visit in Mexico, Malek also discussed other programs as well as unclaimed property, noting Audrain County has $2.3 million in unclaimed property in 33,000 accounts. Unclaimed property comes from various sources, he said, and can include bank and credit union accounts and class action lawsuits. For more information, access showmemoney.com. Malek said three out of 10 Missourians have unclaimed money and the average payout is about $300. Currently, the state has about $1.5 billion in unclaimed money.

Also, the treasurer’s office is exploring options to implement the Show Me My Retirement program later this year.

“As part of the implementation process, we have been engaging industry experts to determine the best options available that will lead to program success,” said Caty Luebbert, communications director for the treasurer’s office, in an email. “The final program design has not yet been determined.”