District of Columbia

Program Name: DC ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab and Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No.
FDIC Insured: Yes
ABLE Legislation:

Legislative Summary B21-0252

Legislative Summary

B21-0252-Introduction

Account Disclosure Document(s):

Account Disclosure Document


Additional Information:

Program Administrator: D.C. Office of Finance and Treasury

Program Investment Manager: BlackRock, Schwab and Vanguard provide the mutual funds and/or ETFs in the target risk options. Sallie Mae Bank provides the high yield savings account in the applicable target risk options. Fifth Third Bank provides the checking account product in the checking option.

Please see the disclosure document regarding more information on: Investment options risk, withhold rules, how to reduce account fees, ABLE to Work Act limits and Medicaid payback. The checking option offers FDIC insurance up to $250,000, subject to certain restrictions.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    No.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $60/year in quarterly installments of $15. If you elect electronic delivery notification for statements and confirmations, your quarterly account maintenance fee will be discounted by $3.75.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    No.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
      $60/year in quarterly installments of $15. If you elect electronic delivery notification for statements and confirmations, your quarterly account maintenance fee will be discounted by $3.75.
    • Check Fee:
      If you are invested in the checking option, you will be charged a monthly service charge of $2, as set forth in Appendix B to the plan disclosure statement. This fee is waived if your account has an average daily balance over $250, or if you are enrolled in electronic statement delivery.
    • Debit Card Fee:
      If you are invested in the checking option, you will be charged a monthly service charge of $2, as set forth in Appendix B to the plan disclosure statement. This fee is waived if your Account has an average daily balance over $250, or if you are enrolled in electronic statement delivery.
    • Investment Option Fee Range:
      $3.40 to $3.70 on $1,000 per year.
    • Statement Fee:
      Rolled into maintenance fee.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      ATM withdrawal: to find a fee-free Fifth Third Bank or partner network ATM, use the ATM Locator at www.53.com.
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