Delaware

Program Name: DEPENDABLE (Click to open an account) 1 (888) 609-8914
Status: Open for Enrollment
State Program Manager: Ascensus College Savings Recordkeeping Services, LLC
State Account Limit: $350,000
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 made by check, recurring contribution, or EFT to the Checking Account Option will be available for withdrawal after six business days. Contributions to the Target Risk Investment Options made by 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 death, ABLE funds can be used by the beneficiary’s estate to pay for outstanding qualified expenses, including funeral and burial costs. Remaining funds will be transferred to the estate and may be subject to Medicaid “claw back.” House Bill 145 (2017) prohibits Delaware Medicaid from recouping certain Medicaid funds spent on behalf of a deceased beneficiary. Delaware Medicaid may be obligated under federal law to recoup funds spent on behalf of a deceased beneficiary over the age of 55, or funds expended for certain beneficiaries in nursing or intermediate care facilities or similar institutions.
State Income Tax Deduction: Yes. Delaware tax payers can subtract up to $5,000 ($10,000 for spouses filing jointly) from their federal adjusted gross income on their state income tax return. The deduction applies only to contributions made to a Delaware Achieving a Better Life Experience (ABLE) account.
FDIC Insured: Yes. The Fifth Third Bank, NA Checking Account Option is FDIC insured up to $250,000, subject to certain restrictions.
ABLE Legislation:

Delaware Achieving a Better Life Experience Savings Accounts

Account Disclosure Document(s):

 ABLE Plan Disclosure Documents


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  If Electronic Delivery is selected, the Annual Account Maintenance Fee is reduced to $33.00..  The Plan may reduce this fee by an additional $5.00 per year if the Account Owner or Authorized Individual is a resident of Delaware.
  • 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 of 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  If Electronic Delivery is selected, the Annual Account Maintenance Fee is reduced to $33.00..  The Plan may reduce this fee by an additional $5.00 per year if the Account Owner or Authorized Individual is a resident of Delaware.
    • Check Fee:
      Checkbooks containing 40 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:
      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 of greater than $250, or if enrolled in electronic statement delivery.
    • Investment Option Fee Range:

      Please See Plan Disclosure Documents

    • Statement Fee:
      The Annual Account Maintenance fee of $58.00 If Electronic Delivery is selected, the Annual Account Maintenance Fee is reduced to $33.00 for E-delivery. The Plan may reduce this fee by an additional $5.00 per year ($1.25 per quarter) if the Account Owner or Authorized Individual is a resident of Delaware.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    Delaware is a member of the National ABLE Alliance, a bi-partisan consortium of states and the District of Columbia. DEPENDABLE 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.  DEPENDABLE is available to both in-state and out-of-state residents.  Anyone can contribute to a DEPENDABLE 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 Documents

DEPENDABLE (Click to open an account) 1 (888) 609-8914