Status: Open for Enrollment
Program Name: Maryland ABLE Program
Program Manager: Sumday Administration, LLC, a subsidiary of BNY Mellon
Program Investment Institution: The investment options are a mix of Vanguard funds and one DFA fund to make up the Conservative, Moderate and Aggressive investments. There is also a FDIC-insured Cash Option with BNY Mellon. Marquette Associates is the Investment Adviser.
Program Website: Maryland ABLE Program

Total Annual Contribution Limit: $15,000
Account Limit:

Additional Information: SB 761 was signed into law on 5/12/15. SB 355 (cross-filed with HB 431) was introduced on 1/28/16 and requires the College Savings Plans of Maryland Board to establish the Maryland ABLE Program to help promote financial savings to support individuals with disabilities in maintaining health, independence, and quality of life. In addition, it renames the College Savings Plans of Maryland Board to the Maryland 529 Board and requires the Board to work in consultation with the Department of Disabilities regarding the Maryland ABLE program. SB 355 and HB0431 were signed into law on 4/12/16.

ABLE Legislation: SB 761SB 355HB 431

Legislative Summary SB 761

Fiscal Note & Analysis SB 761

Legislative Summary SB 355

Legislative Summary HB 431

Account Disclosure Document:

Program at a Glance

  • What is the total annual contribution limit? $15,000
  • Does this program offer enrollment to out of state residents?
  • Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents? If so, how much?
    Yes. There is a Maryland income tax deduction of up to $2,500 per contributor per beneficiary per year, with a 10-year carry forward of excess contributions.
  • Who is the program administrator?
    Sumday Administration, LLC, a subsidiary of BNY Mellon, is the Program Manager
  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $35 per year, billed quarterly, and pro-rated based on date of enrollment.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $25 to open the account, and a minimum of $10 for additional contributions
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. There is no fee to roll over into a Maryland ABLE account. However, there is a $50 fee associated with rolling out of the Maryland ABLE Program.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. There is a pre-paid card. The fee for the pre-paid card is $1.25 per month.
  • Who is the investment manager?
    Investment Adviser is Marquette Associates.
  • How many investment options are associated with the program?
    There are four investment options, including an FDIC-insured cash option with BNY Mellon.
  • Do those investment options vary in risk? Yes. These investment options range from little risk FDIC insured to conservative, moderate and aggressive investment options with varying levels of risk, based on the risk of the underlying component investments.
  • Is there a fee associated with the investment choices? If so, how much?
    Yes. Depending on the investment choices, the total fees range from 0.30% to 0.38%.
  • Are there other characteristics unique to your program?
    Maryland ABLE offers customer service from 9:00AM - 8:00PM, Monday - Friday and includes a Live Chat feature to assist customers. Maryland ABLE has partnered with the State of Oregon’s ABLE for All program to provide enrollment for out-of-state residents.