Louisiana

Program Name: Louisiana ABLE Account Program (click to open an account) Phone: 1-800-259-5626 Ext #2
Status: Open for Enrollment
State Program Manager: Louisiana Office of Student Financial Assistance (LAOSFA) and Louisiana Tuition Trust Authority (LATTA)
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $16,000
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to his or her ABLE Account. The additional amount that may be contributed is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $12,880 for residents of Louisiana.
Program Banking Institution: Chase Bank
Number Investment Options: 7
Program Investment Institution(s): Vanguard Inc: “ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Card Or Prepaid Card: No
Withdrawal Hold Rules: Yes.   3 business day float on non-guaranteed funds.
State Income Tax Deduction: No.
FDIC Insured: No.
ABLE Legislation:

HOUSE BILL NO. 598 ACT NO. 411
HOUSE BILL NO. 833 ACT NO. 93

HOUSE BILL 598 Legislative Summary

HOUSE BILL 833 Legislative Summary

 

Account Disclosure Document(s):

Account Disclosure Document

 


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.

Do you have a policy for opening an account for those who have term guardianship, personal guardianship or financial guardianship/conservator? Yes  During the opening procedure, (online or paper application) this relationship is established via the answer to the hierarchy question included.

Does your plan allow for proper account titling for a representative payee (see examples in the SSA webpage: Payee and ABLE accounts )? if the rep payee is an individual, they set the account up with themselves as the administrator and the disabled person as the account owner.  If the rep payee is an entity, the account is set up with the entity as the administrator with an agent to act on behalf of the entity and the disabled person as the account owner.

What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Upon notification of the death of the account owner/disabled person, our staff requests a copy of the death certificate.  Once received, we inquire if there are outstanding medical or funeral final expenses.  If so, payment is made to cover those expenses.  If there are funds left above those final expenses, a check is requested payable to the estate of the account owner/disabled person.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $10.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    No.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    Yes. Yes, the account may have two disbursements per month of at least $200 each.
  • 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
  • Are there other characteristics unique to your program?

    LA does not charge administrative fees to the owners. They only incur the basis point fees from Vanguard.

    Does your plan allow for different Levels of Control for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account?  No 

     

Louisiana ABLE Account Program (click to open an account) Phone: 1-800-259-5626 Ext #2