New York

Status: Open for Enrollment
Program Name: NY ABLE Program
Program Manager: Ascensus
Program Investment Institution: Vanguard, Sallie Mae, Fifth Third Bank
Program Website: NY ABLE

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

Additional Information: S 6397 will amend SB 4472 and some details regarding New York ABLE account ownership, contributions, and distributions. The bill was amended on 2/2/16 during its third reading.

ABLE Legisation: SB 4472S 6397

Legislative Summary SB 4472

Legislative Summary S 6397

If your state has not yet passed ABLE legislation allowing for the development of an ABLE program, we encourage you to contact your state legislator to inform them about the program’s benefits. It is important that your state legislator understands that passing ABLE legislation allows individuals with disabilities in their state to save for their future, a near impossible task prior to this law. For more information on how to find and contact your state legislator, please click on the link below.

Find Your New York Legislator


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?
  • Who is the program administrator?
    Office of New York State Comptroller
  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. Minimum contribution is $25 ($15 for payroll deduction)
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. There is a $45 annual fee payable at $11.25 quarterly. If paper statements are selected, the fee increases to $13.75 per quarter ($55 annually).
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. The required minimum contribution is $25. ($15 for payroll deduction)
  • 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. No fee is charged.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. There is no fee charged to obtain the NY ABLE debit card. There is a monthly $2 maintenance fee for the Checking Option that can be waived if the average daily balance is over $250 or by electing electronic statements at Fifth Third Bank.
  • Who is the investment manager?
    Ascenus Broker Dealer Services, Inc. is the investment manager. NY ABLE offers Vanguard investments and portfolios which include a Sallie Mae Savings Account. Fifth Third Bank offers the checking account and debit card options.
  • How many investment options are associated with the program?
    Four Investment Options ranging from Conservative to Aggressive and a Checking Option. Money invested in the Checking Option can be accessed by check and/or a debit card.
  • Do those investment options vary in risk? Yes. The investment options range from conservative to aggressive based on the composition of stocks, bonds and savings accounts in each of four portfolio options. A checking account is also offered, along with a debit card. The savings and checking options are FDIC insured.
  • Is there a fee associated with the investment choices? If so, how much?
    Yes. The annual investment fee is .40%.
  • Are there other characteristics unique to your program?
    NY ABLE is offered by the Office of the New York State Comptroller, who administers the largest 529 College Savings Direct Plan in the country. NY ABLE provides an easy to use platform with diversified investment options, including a checking and debit option to allow ease of use, and outstanding customer service. Contributions and withdrawals can be made in a variety of ways, making NY ABLE versatile and accessible to all eligible New Yorkers.