Illinois

Program Name: Illinois ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $450,000
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: “Except to the extent of the Federal Deposit Insurance Corporation (FDIC) insurance provided for the debit/checking option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: Yes. Subject to Federal and state probate laws.
State Income Tax Deduction: Yes. Illinois taxpayers can deduct $10,000 if filing as individual and $20,000 if filing jointly. This deduction only applies to contributions made to IL ABLE accounts. Consult with a tax preparer to discuss your tax matters.
FDIC Insured: Yes
ABLE Legislation:

EXECUTIVE OFFICERS (15ILCS 505/) StateTreasurer Act http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=210&ChapterID=4

 

Account Disclosure Document(s):

Account Disclosure Document


Additional Information:

Program Administrator: Office of the Illinois State Treasurer

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?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
  • 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?
    Yes. A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
  • 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:
      The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
    • Check Fee:
      A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
    • Debit Card Fee:
      A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
    • Investment Option Fee Range:
      $3.40 to $3.70 on $1,000 investment per year.
    • Statement Fee:
      There is a separate account maintenance fee for the checking option, which can be waived if you choose electronic delivery or maintain an average monthly balance of $250, or more in the checking option during your monthly statement cycle.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
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