Michigan

Program Name: MiABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: TSA Consulting Group, Inc.
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: 15000
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: 5
Program Investment Institution(s): FPS Trust
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   No restriction on the number of disbursements, however there is a $20 disbursement fee for checks, $15 fee for Wires, and no fee for ACH.
Medicaid Estate Recovery Status: Medicaid may claim any funds remaining after the beneficiary passes away
State Income Tax Deduction: Yes. Yes $5,000 single filers ($10,000 joint) Michigan Individual Income Tax return.
FDIC Insured: Yes. FDIC Insured, subject to certain restrictions.
ABLE Legislation:

PA 160 of 2015

 

Account Disclosure Document(s):

Account Disclosure Document and Agreement


Additional Information:

ABLE to ABLE rollover: There is no fee associated with a rollover in to the account from another ABLE program, however a distribution fee may be charged on a rollover out.

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?
    No.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $45 annually, paid $11.25 quarterly
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    Yes. No restriction on the number of disbursements, however there is a $20 disbursement fee for checks, $15 fee for Wires, and no fee for ACH.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. Replacement fee only
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes.
  • Fee Range
    • Annual Maintenance Fee:
      .5% of balance paid quarterly.
    • Check Fee:
      $20 fee for check, $15 fee for wire, no fee for ACH
    • Debit Card Fee:
      no fee, except for lost card replacement
    • Investment Option Fee Range:

      Six investment options with varying risk portfolios. Please see Disclosure Documents for details.

    • Statement Fee:
      Statements available online; no fee
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      No transaction fee, fee for disbursements, $20 for check, $15 for Wire, no fee for ACH.
  • Are there other characteristics unique to your program?

    High Aggregate Limit of $500,000.00; debit card available; public contribution (crowdfunding); relatively high State tax deduction.

MiABLE (click to open an account)
Scroll Up