Mississippi ABLE Program
Status: Open for Enrollment
State Program Manager: Mississippi Department of Rehabilitation Services
State Account Limit: $235,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 7
Program Investment Institution(s): Ascensus; “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
Mississippi Code Section 43-28-1 et. seq.Account Disclosure Document(s):
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 MS.savewithable.com and logging into your Account. In addition, if the Account Owner
or Authorized Individual is a resident of Mississippi, 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. $3.75 per month. This monthly fee may decrease as enrollment in the program increases. Additional fees may apply.
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?
Yes. There are no fees associated with the Debit card.
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:
$3.75 per month. This monthly fee may decrease as enrollment in the program increases. Additional fees may apply.
If you are invested in the Checking Option, you will be charged a monthly service charge of $2 as set forth in Appendix B to the Plan Disclosure Statement. This fee is waived if your Account has average daily balance over $250 or if you are enrolled in electronic statement delivery.
Investment Option Fee Range:
$15.00 per quarter.
Rolled into maintenance fee.
- Annual Maintenance Fee: