Louisiana ABLE Account Program
Status: Open for Enrollment
State Program Manager: Louisiana Office of Student Financial Assistance (LAOSFA) and Louisiana Tuition Trust Authority (LATTA)
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 7
Program Investment Institution(s): Vanguard Inc.; “ABLE accounts will be subject to investment risks, including loss of the principal amount invested. ”
Debit Card Or Prepaid Card: No
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No.
FDIC Insured: No
Account Disclosure Document(s):
The ABLE Act was passed on 5/16/14 as Act 93 (HB 833), prior to the federal passage of the ABLE Act in December 2014. HB 598 was signed into law as Act 411 on 7/1/15 to amend Act 93.
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there an annual set fee to maintain the account? If so, how much?
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Yes. Disbursements must be $200 or greater, unless the purpose it to close the account and the account is valued at less than $200.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Investment Option Fee Range:
$160 on $1,000 per year.