Program Name: Louisiana ABLE Account Program
Program Manager: Louisiana Office of Student Financial Assistance (LAOSFA) and Louisiana Tuition Trust Authority (LATTA)
Program Investment Institution: Vanguard Inc.
Program Website: The Louisiana ABLE Account Program
Total Annual Contribution Limit: $15,000
Account Limit: $500,000
Additional Information: The ABLE Act was passed on 5/16/14 as Act 93 (HB 833), prior to the federal passage of the ABLE Act in December 2014. HB 598 was signed into law as Act 411 on 7/1/15 to amend Act 93.
Account Disclosure Document: https://www.able.osfa.la.gov/forms.aspx
Program at a Glance
- What is the total annual contribution limit? $15,000
- Does this program offer enrollment to out of state residents? No.
- 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? Louisiana Tuition Trust Authority (LATTA)
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $10
- Is there an annual set fee to maintain the account? If so, how much? No
- 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? Yes. Disbursements must be $200 or greater, unless the purpose it to close the account and the account is valued at less than $200.
- Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so? Yes. $0
- Is there a “debit card/purchasing card” available with the program? If so, what is the added cost? No.
- Who is the investment manager? Vanguard
- How many investment options are associated with the program? There are seven investment options available.
- Do those investment options vary in risk? Yes, these investment options range from conservative to aggressive with varying levels of risk.
- Is there a fee associated with the investment choices? If so, how much? No.