Program Name: Enable Savings Plan
Program Manager: First National Bank of Omaha
Program Investment Institution: The Nebraska Investment Council
Program Website: Enable Savings Plan
Total Annual Contribution Limit: $15,000
Account Limit: $360,000
Account Disclosure Document: https://cdn.unite529.com/jcdn/files/NEB/pdfs/programdescription.pdf
Program at a Glance
- What is the total annual contribution limit? $15,000
- Does this program offer enrollment to out of state residents? Yes.
- 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. Contributions by anyone who files a Nebraska state income tax return are eligible to receive a Nebraska state income tax deduction for their own contributions of up to $10,000 ($5,000 if married, filing separately).
- Who is the program administrator? Nebraska State Treasurer, Trustee, First National Bank of Omaha, Program Manager.
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $50 per account unless the account owner signs up for Automatic Investment Plan or payroll deduction of at least $25 per month.
- Is there an annual set fee to maintain the account? If so, how much? Yes. The current account maintenance fee is $45 annually, payable at $11.25 quarterly.
- Is there a required minimum contribution to your account? If so, what is the amount? Yes. $25, but is waived if the account has Automatic Investment Plan or payroll deduction.
- Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they? No.
- 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 for rolling over an account, however, based on when the account is terminated, the account owner may be assessed a portion of the annual maintenance fee.
- Is there a “debit card/purchasing card” available with the program? If so, what is the added cost? Yes. There is a debit card at no additional cost to be used for assets in checking.
- Who is the investment manager? The Nebraska Investment Council provides investment oversight.
- How many investment options are associated with the program? There are five investment options available.
- Do those investment options vary in risk? Yes. The investment options range from no risk (Bank Savings Option or Checking Investment Option which are both interest bearing and are FDIC insured) to conservative to aggressive with varying levels of risk, based on the risks of their underlying component investments.
- Is there a fee associated with the investment choices? If so, how much? Yes. There are no fees to enroll, withdraw, change Investment Options, or to transaction online. . For the Checking Investment Option, there is no charge to receive a debit card, there are no asset-based fees, but there may be service fees.
- Are there other characteristics unique to your program? Yes. State Income Tax Deduction - If the contributor files Nebraska state income taxes, contributions made into an Enable Savings Plan account by any contributor are eligible for a state income tax deduction of up to $10,000 ($5,000 if married filing separately). Earnings in an Enable account grow free from Nebraska state income tax. Nebraska state income tax deductions claimed in prior years are subject to partial recapture when a non-qualified withdrawal is made.