DEVELOPMENTAL DISABILITIES ENDOWMENT TRUST FUND

The Washington State Developmental Disabilities Endowment Trust Fund was created by the legislature to help address the life-long need that people with developmental disabilities have for supports.  Families and advocates have long looked for a way to save money for the future of their loved ones, while protecting the public benefits that they are entitled to use.

 Special Features of the Trust Fund

v      Provides an attractive and convenient way to save for the future.

v      Protects beneficiaries’ eligibility for public benefits, such as Supplemental Security Income and Medicaid.

v      Provides matching funds for the individual trust accounts.

 Incentives to Participate

v      The state will pay up to $7,750 in matching funds per beneficiary, by providing a 25 percent match on private contributions.

v      Any individual or group can establish a trust account on behalf of a person with a developmental disability.

v      Families can tailor contribution and disbursement plans to meet the individual needs of their family member.

v      A minimum contribution of $25.00 each month will qualify the account for matching funds.

v      The Washington State Investment Board invests the trust funds along with over $53 billion from other fund sources.  The State Investment Board offers a twenty three-year track record of successful investments, and a diverse range of investment vehicles at a very low cost.

v      Fees are very competitive with privately managed trusts.

 Additional Incentives for Early Participants  - Enhanced State Matching Policies – LIMITED TIME ONLY

v      Through June 2007 the state will match 100 percent of the initial $600 enrollment fee.

v      Through June 2007 the state will match 100 percent of the tax preparation and filing fee.

v      Through June 2007 the state will match the first $75 of the annual management fee.

Eligibility

A beneficiary must reside in the state of Washington and meet the definition of developmental disability as determined by a representative of the Department of Social and Health Services.

 Management

v      Policy is established by a seven-member governing board appointed by the Governor, including four members who are parents of people with developmental disabilities.

v      The Arc of Washington State, a leader for more than 65 years in the development of services and programs for people with developmental disabilities, provides enrollment and management of the individual trust accounts.

v      For tax preparation and bookkeeping services, the state selected Merina & Company, a consulting and CPA firm with a track record of almost 25 years.

v      The state Department of Community, Trade, and Economic Development provides support to the governing board and manages the contracts and program development.

 Types of Individual Trust Accounts

v      Trust I:  “Third Party Trust”, anyone other than the beneficiary may contribute.

v      Trust II: “Self Settled Trust”, can only accept contributions from the beneficiary.

 Contact

People interested in the trust fund should contact Patti Bell or Lisa Remlinger at The Arc of Washington State, 1-888-754-8798 or visit the website at www.arcwa.org.

Updated February 7, 2003

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