Alabama

Program Name: Enable Savings Plan Alabama
Status: Open for Enrollment
State Program Manager: Nebraska State Treasurer
State Account Limit: $400,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 5
Program Investment Institution(s): First National Bank of Omaha; “Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Debit/Checking Option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No.
FDIC Insured: Yes
ABLE Legislation:

SB 226

SB 226 Legislative Summary

Account Disclosure Document(s):

Enable Savings Plan Alabama Disclosure Statement


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?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The current account maintenance fee is $45 annually, which is charged $11.25 quarterly per account, not per investment option.
  • 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 is a debit card at no additional cost to be used for assets in the Checking Investment Option.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes.
  • Fee Range
    • Annual Maintenance Fee:
      The current account maintenance fee is $45 annually, which is charged $11.25 quarterly per account, not per investment option.
    • Check Fee:
      $2 per month waived if minimum balance of $150 or electronic statement delivery
    • Investment Option Fee Range:
      $5.00 to $5.50 on $1,000 per year
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