Louisiana

Program Name: 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
ABLE Legislation:

HOUSE BILL NO. 598 ACT NO. 411
HOUSE BILL NO. 833 ACT NO. 93

HOUSE BILL 598 Legislative Summary

HOUSE BILL 833 Legislative Summary

 

Account Disclosure Document(s):

LOUISIANA’S SECTION 529A PLAN THE LOUISIANA ABLE ACCOUNT PROGRAM DISCLOSURE BOOKLET


Additional Information:

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?
    Yes. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    No.
  • 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?
    No.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes.
  • Fee Range
  • Investment Option Fee Range:
    $160 on $1,000 per year.
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