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
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):
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
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?
- Fee Range
Annual Maintenance Fee:
$6 fee for 50 checks
Investment Option Fee Range:
$3.4 - $3.7 on $1,000 investment per year
Paper statements $13.75 quarterly if a Arkansas resident. $15 quarterly if not a resident.
- Annual Maintenance Fee: