Minnesota ABLE Plan
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $425,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, Vanguard, and for high-yield savings Sallie Mae; “Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Debit/Checking Option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested. ”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No.
FDIC Insured: Yes
ABLE Act included in omnibus Health and Human Services appropriations bill.
SF 1458 (article 7, section 44)
Each Account is charged a Quarterly Account Maintenance Fee of $15. Out of the $15 Quarterly
Account Maintenance Fee, the Member State receives $1.25 and the Program Manager receives
$13.75 for ongoing Account maintenance and administration. If you elect electronic delivery
notification for statements and confirmations, your Quarterly Account Maintenance Fee will be
discounted by $3.75. You can easily sign up for electronic delivery during the enrollment process
or by visiting the Member Plan website at mn.savewithable.com and logging into your Account. In
addition, if the Account Owner or Authorized Individual is a resident of Minnesota, you are eligible
for an additional quarterly discount of $1.25. The Quarterly Account Maintenance Fee will be charged
after an Account has been opened for at least 90 days.
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Yes. The current account maintenance fee is $45 annually ($40 for Minnesota Account Owners) payable at $11.25 quarterly for non-residents and $10 quarterly for Minnesota residents. With paper statements, the annual fee is $60, payable at $15 quarterly.
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
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
Annual Maintenance Fee:
The current account maintenance fee is $45 annually ($40 for Minnesota Account Owners) payable at $11.25 quarterly for non-residents and $10 quarterly for Minnesota residents. With paper statements, the annual fee is $60, payable at $15 quarterly.
monthly service charge of $2.00 as set forth in Appendix B of the Plan Disclosure Statement. This fee is waived if your Checking Option has an average daily balance over $250 or if you are enrolled in electronic statement delivery at www.53.com.
Debit Card Fee:
Investment Option Fee Range:
$15.00 per quarter.
Rolled into maintenance fee.
Withdrawal Transaction Fee:
ATM fee-free Fifth Third Bank or partner network ATM, use the ATM Locator at www.53.com
- Annual Maintenance Fee: