May 15, 2017
On May 10, Vermont Governor Phil Scott signed a law that helps Vermonters save money when they are receiving certain state benefits.
The new law increases the amount of savings (retirement savings, child savings accounts and other savings) that families can have while qualifying for benefits from the Department for Children and Families (DCF).
Here’s an example: Under the new law, applicants for Reach Up can have assets (or savings) of up to $9,000. That’s a substantial increase from the $2,000-limit under the current law. Retirement accounts and qualified child savings accounts will not count when DCF decides if a family can receive help from Reach Up.