CalABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: TIAA-CREF Tuition Financing, Inc.
State Account Limit: $529,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
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 Account. The additional amount that may be contributed is an amount equal to the Account Owner’s compensation or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less: up to $12,490 for residents of the 48 contiguous states; $15,600 for Alaska; or $14,380 for residents of Hawaii.
Number Investment Options: 4
Program Investment Institution(s): TIAA-CREF
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. Contributions made by check or ACH will not be available for 10 Business Days.
Medicaid Estate Recovery Status: California law prevents MediCAL from seeking reimbursement from CalABLE accounts of California residents.
State Income Tax Deduction: No.
FDIC Insured: Yes. Investment in the FDIC-Insured Portfolio is insured by the Federal Deposit Insurance Corporate subject to certain limitations.
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?
No. Fees apply to the prepaid card, for paper statements, withdrawing checks, bounced checks or additional services.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. $1.25 per month (additional fees may apply)
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:
$5/check fee for checks issued payable to the beneficiary, Authorized Legal Representative or 3rd party payee.
Debit Card Fee:
Investment Option Fee Range:
$10 annually if received by USPS. Waived is received by email.
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
$0 for ACH
- Annual Maintenance Fee:
Are there other characteristics unique to your program?