Mississippi

Program Name: Mississippi ABLE Program (click to open an account)
Status: Open for Enrollment
State Program Manager: Mississippi Department of Rehabilitation Services
State Account Limit: $235,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 7
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: Yes. Deduction up to the total amount contributed to a Mississippi ABLE account. Consult with a tax preparer to discuss your tax matters.
FDIC Insured: Yes
ABLE Legislation:

https://legiscan.com/MS/bill/SB2311/2017 Mississippi Code Section 43-28-1 et. seq.

 

Account Disclosure Document(s):

Account Disclosure Document


Additional Information:

Program Administrator: Mississippi Department of Rehabilitation Services

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. $50.
  • 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. Maximum of $60 annually. See Plan Disclosure Documents to learn how to reduce fees.
  • 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. There are no fees associated with the debit card.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
  • 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 average daily balance over $250, or if you are enrolled in electronic statement delivery.
  • Debit Card Fee:
    $0
  • Investment Option Fee Range:
    $3.40 to $3.70 on $1,000 investment per year.
  • Statement Fee:
    Rolled into maintenance fee.
  • ABLE Account Transfer Fee:
    $0
  • Withdrawal Transaction Fee:
    $0
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