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: $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 $12,760 for residents of the 48 contiguous states; $15,950 for Alaska; or $14,680 for residents of Hawaii.
Program Banking Institution: Fifth Third Bank
Number Investment Options: 6
Program Investment Institution(s): Vanguard, Schwab, BlackRock
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. Contributions made by check, recurring contribution, or EFT to the checking account option will be available for withdrawal after six business days. Contributions to the investment options made check, recurring contribution, or EFT will be available for withdrawal after 5 business days. There will be a hold of 10 business days on withdrawal requests when there is a change of address.
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 Fifth Third Bank, NA checking account is FDIC insured up to $250,000, subject to certain restrictions.
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?
Yes. The quarterly account maintenance fee of $15.00 quarterly for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
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. $2.00 per month
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:
The quarterly account maintenance fee of $15.00 quarterly for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
Checkbooks containing 50 checks may be purchased for $6.00 per checkbook. Once the checking account balance reaches at least $25.00, payment for checkbooks may be made from funds in the account.
Debit Card Fee:
$2.00 per month
Investment Option Fee Range:
The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
- Annual Maintenance Fee:
Are there other characteristics unique to your program?
Connecticut is a member of the National ABLE Alliance, a bi-partisan consortium of states. ABLE CT account owners benefit from powerful oversight, high-quality plan features and low-cost, strong-performing investments. Account owners have access to an exclusive, fully integrated Fifth Third, FDIC-insured checking account option, which is available with a real-time debit card and check-writing capability. The ABLE CT plan is available to both in-state and out-of-state residents. Anyone can contribute to an ABLE CT account, and the easy-to-use Ugift feature makes gift contributions easy.