Pennsylvania

Program Name: PA ABLE Savings Program (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $511,758
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: Yes. Subject to Federal and state probate laws.
State Income Tax Deduction: Yes. Pennsylvania taxpayers can deduct contributions up to $15,000 per year. This deduction only applies to contributions made to PA ABLE accounts. Consult with a tax preparer to discuss your tax matters.
FDIC Insured: Yes
ABLE Legislation:

HB 1319 Legislative Summary

SB 879 Legislative Summary https://www.legis.state.pa.us/cfdocs/billInfo/billInfo.cfm?sYear=2015&sInd=0&body=S&type=B&bn=879

Account Disclosure Document(s):

Account Disclosure Document


Additional Information:

Program Administrator: Pennsylvania Treasury Department

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. Maximum $60 annually. The $60 fee is discounted to $45 for account owners who receive specified account information electronically. The fee is taken quarterly ($15 or $11.25).
  • 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. $0
  • 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:
      There is an annual account maintenance fee. The fee is $60, which is discounted to $45 for account owners who receive specified account information electronically. The fee is taken quarterly ($15 or $11.25).
    • Check Fee:
      $6 fee for 50 checks
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:
      $3.40 - $3.70 on $1,000 investment per year
    • Statement Fee:
      $15 per quarter for paper statement. $11.25 for electronic statement. Fees are included in the quarterly maintenance fee.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
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