New York
Program Name:
NY ABLE Savings Program (NY ABLE) (click to open an account) Phone: 855.569.2253
Status: Open for Enrollment
ABLE Plan Flyer: https://cdn.unite529.com/jcdn/files/NYB/pdfs/NYBFactSheet.pdf
State Program Manager: Ascensus Broker Dealer Services, LLC
State Account Limit: $520,000
Accepts Out Of State Residents: Yes
Rep. Payee Multiple Access:
Yes. NY ABLE allows Representative Payees to open an account on behalf of multiple qualified individuals.
Annual Contribution Limit: $19,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
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 their ABLE Account. The additional amount that may be deposited is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is less. This is up to $15,060 for residents of the continental U.S.; $18,810 for residents of Alaska and $17,310 for residents of Hawaii.
Program Banking Institution: Fifth Third Bank, NA
Number Investment Options: 6
Program Investment Institution(s): Sallie Mae Vanguard
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.
New contributions will not be available for withdrawal for five business days. Contributions into the Checking Option will not be available for withdrawal for six business days. There will be a hold of 10 business days on withdrawal requests following a change to your address and a hold of 15 calendar days on withdrawal requests following a change to your banking information.
Medicaid Estate Recovery Status: Under Section 529A of the Code, following the death of the Account Owner, any state may file a claim against the Account Owner or the Account itself for the amount of the total medical assistance paid to or for the Account Owner under the state’s Medicaid plan after the Account (or any ABLE account from which amounts were rolled over or transferred to the current Account) was opened.
State Income Tax Deduction: No.
FDIC Insured: Yes. FDIC insurance is available to the Checking Option, Savings Option, and the portions of the Moderate Option, Intermediate Option, and Conservative Option allocated to the Sallie Mae High Yield Savings Account.
ABLE Legislation:
Account Disclosure Document(s):
Please See Plan Disclosure Document
ATM fee: $3.00 for each transaction outside of network.
Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? Eligible individuals who have legal capacity may open and manage their own accounts; if eligible individuals lack the legal capacity to manage their own accounts, an Authorized Individual can manage the account on their behalf. An Authorized Individual includes, in order of priority, an agent under a power of attorney, conservator or legal guardian, spouse, parent, sibling or grandparent of the eligible individual or a representative payee appointed for the individual by the Social Security Administration.
Does your plan allow for proper account titling for a representative payee?
• (Beneficiary’s name) by (your name), representative payee.
• (Your name), representative payee for (beneficiary’s name).
NY ABLE allows for 3 enrollment types: 1. Self-Owned by Account Owner 2. Parent or Guardian of a minor Account Owner 3. Authorized Individual of an eligible Account Owner who · Has legal capacity but has selected an Authorized Individual or appointed an agent under a Power of Attorney to control the account · Lack legal capacity and who has been appointed pursuant to the hierarchy within the IRS’ Final Regulations for ABLE Programs. The hierarchy allows for SSA-appointed Representative Payee and each account is tagged with a sub-type for each hierarchy category.
What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? The NY ABLE program will process all qualified disability expenses, including funeral and burial expenses.
Does your plan allow for naming any beneficiary on the account? The Account Owner or Authorized Individual may designate a Successor Account Owner to succeed to all rights, title, and interest in the funded Account upon the death of the Account Owner. At the time the change becomes effective, the Successor Account Owner must be an Eligible Individual.
Program at a Glance
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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. If an Account Owner elects electronic delivery notification for statements and confirmations, the quarterly fee is $10.00. If the Account Owner elects paper delivery for statements and confirmations, the quarterly fee is $12.50. -
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. $2 Checking Option Fee- Waived if enrolled in E-delivery or have a balance greater than $250 in the checking option. -
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
Yes. $0. - Fee Range
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Annual Maintenance Fee:
If an Account Owner elects electronic delivery notification for statements and confirmations, the quarterly fee is $10.00. If the Account Owner elects paper delivery for statements and confirmations, the quarterly fee is $12.50. -
Check Fee:
$6/order -
Debit Card Fee:
Checking Option Fee- Waived if enrolled in E-delivery or have a balance greater than $250 in the checking option -
Investment Option Fee Range:
Please See Plan Disclosure Document
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Statement Fee:
Account maintenance fee is $If an Account Owner elects electronic delivery notification for statements and confirmations, the quarterly fee is $10.00. If the Account Owner elects paper delivery for statements and confirmations, the quarterly fee is $12.50.50 annually or $40 annually if the individual chooses electronic statements. This fee will be taken out of the individual's account on a quarterly basis in the amount of $10 or $12.50. -
ABLE Account Transfer Fee:
$0 -
Withdrawal Transaction Fee:
No- other than fees subject to use of the Checking Option/debit card or if someone elects priority check delivery or an outgoing wire.
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Annual Maintenance Fee:
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Are there other characteristics unique to your program?
NY ABLE offers materials in Spanish, including program disclsoure booklet, website, and enrollment form.
Is there an initial minimum deposit to open an account? Yes,$25, $15 if using payroll deduction.
Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? NY ABLE provides for various levels of control over an account through a customized Power of Attorney form, available on our website.
Where can I find the ABLE Plan’s investment performance information? https://www.mynyable.org/nyabletpl/fund/pricePerformance.cs
Description of plan’s Recertification of ABLE Eligibility Policy: It is the responsibility of the Account Owner to notify NY ABLE in writing if they cease to be an Eligible Individual. We will provide annual reminder notices to the Account Owner, their parent or legal guardian, or their Authorized Individual of the responsibility to notify NY ABLE if the Account Owner ceases to be an Eligible Individual.