Program Name: Illinois ABLE
Program Manager: Ascensus
Program Investment Institution: BlackRock, Schwab, and Vanguard
Program Website: Illinois ABLE
Total Annual Contribution Limit: $14,000
Account Limit: $350,000
Additional Information: SB 1383 was signed into law on 7/27/15. SB 2268 was introduced on 1/27/16 to clean up the original bill and on 6/9/2016 was sent to the Governor for approval.
Program at a Glance
- What is the total annual contribution limit? $14,000
- 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? No.
- Who is the program administrator? Office of the Illinois State Treasurer
- 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. The current account maintenance fee is $45 annually payable at $11.25 quarterly. With paper statements, the annual fee is $60, payable at $15 quarterly.
- Is there a required minimum contribution to your account? If so, what is the amount? No.
- 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 are currently no fees associated with rolling over your ABLE account from one ABLE program to another ABLE program.
- Is there a “debit card/purchasing card” available with the program? If so, what is the added cost? No.
- Who is the investment manager? BlackRock, Schwab, Vanguard, and for high-yield savings Sallie Mae
- How many investment options are associated with the program? There are six investment options available.
- Do those investment options vary in risk? Yes. These investment options range from conservative to aggressive with varying levels of risk, based on the risks 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 0.34% to 0.38%.