Kansas

Program Name: Kansas ABLE Savings Plan (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $402,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000 (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 Account. The additional amount that may be contributed is an amount equal to the Account Owner’s compensation for the year or equal to the poverty line for a one-person household for the prior 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: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard provide the mutual funds and/or ETFs in the Target Risk Options. Sallie Mae Bank provides the high yield savings account in the applicable Target Risk Options.
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, 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 Fifth Third Bank, NA checking account is FDIC insured up to $250,000, subject to certain restrictions.
ABLE Legislation:

Legislative Summary

Account Disclosure Document(s):

Please see the 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 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.
  • 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 electronic statement 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 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.
    • Check Fee:
      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:
      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 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. The $2.00 monthly fee for the checking account option will be waived with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
    • ABLE Account Transfer Fee:
      $0
  • Are there other characteristics unique to your program?

    This plan is a member of the National ABLE Alliance (NAA), a bi-partisan consortium of states working together to offer people with disabilities nationwide a best-in-class ABLE savings and investment program.  NAA plans include an exclusive, fully integrated Fifth Third, FDIC-insured checking account option, which is available with a real-time debit card and check-writing capability, and the easy-to-use Ugift feature to make gift contributions easy.

Kansas ABLE Savings Plan (click to open an account)
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