New Mexico

Program Name: ABLE New Mexico
Status: Open for Enrollment
State Program Manager: Intuition ABLE Solutions, LLC
State Account Limit: $468,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 4
Program Investment Institution(s): Vanguard Group, Inc.; “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 Legislation:

New Mexico HB61 established the rules for ABLE New Mexico

Account Disclosure Document(s):


Additional Information:

New Mexico HB61 established the rules for ABLE New Mexico.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $50.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The current account maintenance fee is $42 annually, payable at $3.50 monthly.
  • 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. There are no added costs for the STABLE Card, a loadable prepaid debit card.
  • 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:
      The current account maintenance fee is $42 annually, payable at $3.50 monthly.
    • Investment Option Fee Range:
      Based on a $1000 account balance: $1.90 to $3.30 per year.
    • Statement Fee:
      $10 annually (print/mail); $0 electronic
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