Connecticut

Program Name: ABLE CT (click to open an account) Phone: 1 (888) 609-3268
Status: Open for Enrollment
State Program Manager: Ascensus College Savings Recordkeeping Services, LLC
State Account Limit: $300,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $18,000 (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 $14,580 for residents of the continental U.S.; $18,210 for residents of Alaska and $16,770 for residents of Hawaii.
Program Banking Institution: Fifth Third Bank
Number Investment Options: 7
Program Investment Institution(s): The Investment Options include 6 Target Risk Options with Underlying Investments managed by BlackRock, Schwab, Vanguard, Capital Group-American Funds, and Sallie Mae Bank. Fifth Third Bank provides the 7th Investment Option, a Checking Account Option, that invests 100% of its assets in an FDIC-insured checking account.
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   Contributions to the Target Risk Options will be held for 5 or 6 business days before becoming available for withdrawal and contributions to the Checking Account Option will be held for 6 or 7 business days before becoming available for withdrawal.
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the account, upon filing of a claim for payment by such state.
State Income Tax Deduction: No.
FDIC Insured: Yes. The Checking Account Investment Option invests 100% of its assets in a checking account held at Fifth Third Bank, which offers FDIC insurance up to $250,000, subject to certain restrictions. The ABLE Account cannot be opened at a Fifth Third Bank branch. Visit the Plan’s website to open the ABLE Account.
ABLE Legislation:

Enabling Connecticut Legislation: PA 15-80—sHB 6738

Account Disclosure Document(s):

Please See Plan Disclosure Document


Additional Information:

ABLE CT site

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. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The Annual Account Maintenance Fee is $58.00, reduced to $33.00 for E- delivery of statements and confirmations for in-state and out-of-state Account Owners.
  • 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 Fifth Third Bank Checking Account Option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for Accounts with an average daily balance greater than $250, or if enrolled in E-delivery
  • 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:
      The Annual Account Maintenance Fee is $58.00, reduced to $33.00 for E- delivery of statements and confirmations for in-state and out-of-state Account Owners.
    • Debit Card Fee:
      A Fifth Third Bank, NA Checking Account Option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for Accounts with an average daily balance of greater than $250, or if enrolled in E-delivery
    • Investment Option Fee Range:

      Please See Plan Disclosure Document

    • Statement Fee:
      The Annual Account Maintenance Fee is $58.00, reduced to $33.00 for E- delivery of statements and confirmations for in-state and out-of-state Account Owners.
  • Are there other characteristics unique to your program?

    Connecticut is a member of the National ABLE Alliance, a bi-partisan consortium of states and the District of Columbia. Connecticut savers and investors can choose among 7 Investment Options, including a fully integrated Fifth Third, FDIC-insured Checking Account Option, which is available with a real-time debit card and check-writing capability.  Account Owners can take advantage of lower fees by choosing Electronic Delivery. The Connecticut ABLE Program is available to both in-state and out-of-state residents. Anyone can contribute to a Connecticut ABLE Account, and the easy-to-use Ugift feature makes gift contributions easy.

    Where can I find the ABLE Plan’s investment performance information? Please See Plan Disclosure Booklet

ABLE CT (click to open an account) Phone: 1 (888) 609-3268