Arkansas

Program Name: AR ABLE
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $366,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard; “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: Yes. Yes, subject to federal and state probate laws.
State Income Tax Deduction: Yes. $5000 for state residents.
FDIC Insured: Yes
ABLE Legislation:

HB 1239

Legislative Summary HB 1239

HB 1076: To amend the Achieving a Better Life Experience (ABLE) Act; to authorize the transfer of ABLE account assets following the death of a designated beneficiary; to prohibit the state from seeking payment from the ABLE account.

HB 1075: To provide for an income tax deduction for contributions to a disability savings account.

Account Disclosure Document(s):

National ABLE Alliance AR ABLE Plan Disclosure Document


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?
    No.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. 60
  • 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. A $2.00 monthly fee is associated with utilizing the debit card option, however the fee can be waived with an average daily balance over $250 or if enrolled in electronic statement delivery at Fifth Third bank.
  • 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:
      $60
    • Check Fee:
      $6 fee for 50 checks
    • Investment Option Fee Range:
      $3.4 - $3.7 on $1,000 investment per year
    • Statement Fee:
      Paper statements $13.75 quarterly if a Arkansas resident. $15 quarterly if not a resident.
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