Montana

Program Name: Montana ABLE
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $400,000
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: Yes. $3,000 per tax year for taxpayers contributing to an account of their own, their spouse or their child.
FDIC Insured: Yes
ABLE Legislation:

SB 0399

SB 399 Legislative Summary

Account Disclosure Document(s):

NATIONAL ABLE ALLIANCE Montana ABLE Member Plan Addendum October 2018

MSU Extension MontGuide on ABLE Accounts


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. Each account is charged a Quarterly Account Maintenance fee of $15. If you elect electronic delivery notification for statements and confirmations, your Quarterly Account Maintenance fee will be discounted by $3.75.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. If you are invested in the Checking Option, you will be charged a monthly service charge of $2.00. The fee is waived if your Account has an average daily balance over $250 or if you are enrolled in electronic statement delivery. The FDIC-insured checking option is from Fifth Third Bank.
  • 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:
      Each account is charged a Quarterly Account Maintenance fee of $15. If you elect electronic delivery notification for statements and confirmations, your Quarterly Account Maintenance fee will be discounted by $3.75.
    • Check Fee:
      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 an average daily balance over $250 or if you are enrolled in electronic statement delivery.
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:
      $15 per quarter
    • Statement Fee:
      Rolled into maintenance fee.
    • Withdrawal Transaction Fee:
      $0 if using a member ATM; to find a fee-free Fifth Third Bank or partner network ATM, use the ATM Locator at www.53.com. I
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