Kansas

Program Name: Kansas ABLE Savings Plan (click to open an account) Phone: 1 (888) 609-8919
Status: Open for Enrollment
ABLE Plan Flyer: https://cdn.unite529.com/jcdn/files/UABLE/pdfs/ks-slimline.pdf
State Program Manager: Fifth Third Bank
State Account Limit: $402,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $19,000; 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 their ABLE Account. The additional amount that may be deposited 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 less. This is up to $15,060 for residents of the continental U.S.; $18,810 for residents of Alaska and $17,310 for residents of Hawaii.
Program Banking Institution: Fifth Third Bank
Number Investment Options: 8
Program Investment Institution(s): The Investment Options include 7 Asset Allocation Options with underlying investments managed by BlackRock, Schwab, Vanguard, and Capital Group-American Funds. Fifth Third Bank provides the 8th Investment Option, a Checking Account Option, which invests 100% of assets in an FDIC-insured checking account.
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.   Contributions to the Asset Allocation Investment Options will be held for 5 or 6 business days before becoming available for withdrawal. 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, Kansas Medicaid will not attach the assets in the account unless required by the federal law. Currently section 1917(b) of the federal social security act, 42 U.S.C. §1396p(b), requires states to recover assets when the account owner was over 55 years of age and used Medicaid for nursing home or in-home nursing care benefits. Kansas Medicaid will not seek to recover Medicaid funds, unless required by federal law.
State Income Tax Deduction: Yes. Kansas taxpayers can deduct up $3,000 per individual/$6,000 per couple. This deduction only applies to contributions made to KS ABLE accounts. Consult with a Tax Preparer to discuss your tax matters.
FDIC Insured: Yes. The Checking Account Investment Option invests 100% of its assets in an FDIC-insured checking account held at Fifth Third Bank.
ABLE Legislation:

Legislative Summary

Account Disclosure Document(s):

Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? Please See ABLE Plan Disclosure Documents

What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? lease See ABLE Plan Disclosure Documents

 


Additional Information:
 

Plan’s Investment Performance Report

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    No.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $1.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. Annual Account Maintenance Fee (assessed quarterly). $56.00 for paper delivery of confirmations and statements ($14.00/quarter); $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter). The Plan may reduce this fee by an additional $5.00 per year if the Account Owner or Authorized Individual is a resident of Kansas.
  • 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:
      Annual Account Maintenance Fee (assessed quarterly). $56.00 for paper delivery of confirmations and statements ($14.00/quarter); $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter). The Plan may reduce this fee by an additional $5.00 per year if the Account Owner or Authorized Individual is a resident of Kansas.
    • Check Fee:
      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:
      Annual Account Maintenance Fee (assessed quarterly). $56.00 for paper delivery of confirmations and statements ($14.00/quarter); $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter). The Plan may reduce this fee by an additional $5.00 per year if the Account Owner or Authorized Individual is a resident of Kansas.
    • ABLE Account Transfer Fee:
      $0
  • Are there other characteristics unique to your program?

    Kansas is a member of the National ABLE Alliance, a non-partisan consortium of states and the District of Columbia. Kansas savers and investors can choose among 8 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 Kansas ABLE Program is available to both in-state and out-of-state residents. Anyone can contribute to an Kansas ABLE Account, and the easy-to-use Ugift feature makes gift contributions easy.

    Please See ABLE Plan Disclosure Documents

Kansas ABLE Savings Plan (click to open an account) Phone: 1 (888) 609-8919