Washington

Program Name: Washington State ABLE (click to open an account) Phone number: 1-844-600-2253
Status: Open for Enrollment
State Program Manager: Sumday Administration, LLC
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $16,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
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 Washington.
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 3
Program Investment Institution(s): Vanguard, Dimension
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   Contributions received from a Beneficiary or Authorized Legal Representative will be subject to a ten (10) Business Day holding period before the funds are available for withdrawal. Contributions made as a result of a gift from a third party will be subject to a twenty (20) Business
Medicaid Estate Recovery Status: Yes, against the estate not the plan.
State Income Tax Deduction: No. WA has no state income tax therefore no deductions nor credits.
FDIC Insured: Yes. FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

Washington House Bill 2323 from 2016 session

Senate Bill 6221 from 2018 session

Account Disclosure Document(s):

Please see Plan Disclosure Document


Additional Information:

There are no state income taxes for residents of Washington.

Prepaid card cannot be used in ATM.

Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account?  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? 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 ABLE account owner, the ABLE funds are sent to the estate and the estate can pay for funeral and burial expenses from the ABLE funds.

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. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $35 per year.
  • 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. $1.25 per month
  • 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:
      $35
    • Check Fee:
      NA
    • Debit Card Fee:
      $1.25 per month
    • Investment Option Fee Range:

       

      See plan disclosure for historical rate of returns.

    • Statement Fee:
      Free if using electronic notification and $2.50 mailing fee assessed to each quarterly statement that is mailed.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    E-gifting option to set up and run gifting campaigns for the beneficiary.

    Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? No.

    Where can I find the ABLE Plan’s investment performance information? See plan disclosure for historical rate of returns.

     

Washington State ABLE (click to open an account) Phone number: 1-844-600-2253