Canada’s Registered Disability Savings Plan is the first tool of its kind in the world. People with disabilities, families and policy makers around the world have been watching its implementation. In the United States, Senators Dodd and Casey have each introduced bills to create mechanisms to assist people with disabilities to save for the future.
Because the election of Barack Obama and the meltdown of the economy dominated US news headlines in 2008, it is not surprising that we didn’t hear much about Bills S.2741 and S.2743 that were introduced to the US Congress in March of 2008. Both Bills are proposals to create tax incented savings plans for people with disabilities. They are broadly modelled on Canada’s RDSP but neither proposes government contributions that match the Canada Disability Savings Grants or Bonds or permit the RDSPs flexibility around contributions and payments.
Both have been referred to the Senate Finace Committee. For more information:
S.2741 The Disability Savings Act of 2008 (Sen. Christopher Dodd [D-CT])
S.2743 Financial Security Accounts for Individuals with Disabilities Act of 2008 (Sen. Robert Casey [D-PA])