New York

Program Name: NY ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascenus Broker Dealer Services, LLC. is the Program Manager and Investment Manager. NY ABLE offers Vanguard investments and portfolios, which include Sallie Mae.
State Account Limit: $520,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
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 his or her Account. The additional amount that may be contributed is an amount equal to the Account Owner’s compensation for the year or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less: up to $12,490 for residents of the 48 contiguous states; $15,600 for Alaska; or $14,380 for residents of Hawaii.
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   There is a 5 business day hold on any new contributions and 6 days for contributions made to the Checking Option.
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. The amount paid in satisfaction of a Medicaid recapture claim is not a taxable withdrawal from the Account and is paid only after all outstanding amounts due for Qualified Disability Expenses of the Account Owner have been paid. In addition, the amount of the recapture is reduced by the amount of all premiums paid by or on behalf of the Account Owner to a Medicaid Buy-In program under that state’s Medicaid plan. A Medicaid Buy-In program is a program that offers Medicaid coverage to people with disabilities who are working, and earning more than the allowable limits for regular Medicaid.
State Income Tax Deduction: No.
FDIC Insured: Yes. NY ABLE Accounts are not bank deposits and, with the exception of the Checking Option are not insured or guaranteed by FDIC or an other federal or state government agency.
ABLE Legislation:

SB 4472; S 6397

 

SB 4472; S 6397 Legislative Summary SB 4472 Legislative Summary S 6397

Account Disclosure Document(s):

Please See Plan Disclosure Document 


Additional Information:

No ATM fee as long as individual is using an Allpoint Network ATM. Locations can be found at https://www.allpointnetwork.com/

Minimum deposit to open account is $25; $15 with direct payroll deposit.

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. Account maintenance fee is $55 annually or $45 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 $11.25 or $13.75.
  • 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. Accounts invested in the checking option will be charged a $2 monthly service charge. The fee is waived for average daily balances over $250, or accounts enrolled in electronic statement delivery directly with Fifth Third Bank.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
      Account maintenance fee is $55 annually or $45 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 $11.25 or $13.75.
    • Check Fee:
      Fifth Third charges $6 per check book.
    • Debit Card Fee:
      There is no fee charged to obtain the NY ABLE debit card.
    • Investment Option Fee Range:

      Please See Plan Disclosure Document

    • Statement Fee:
      Account maintenance fee is $55 annually or $45 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 $11.25 or $13.75.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    NY ABLE is a standalone program open to enrollment to NY residents.

NY ABLE (click to open an account)
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