New York

Program Name: NY ABLE
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $100,000
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): Ascenus Broker Dealer Services, Inc. is the investment manager. NY ABLE offers Vanguard investments and portfolios which include a Sallie Mae Savings Account; “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:

SB 4472S 6397

Legislative Summary SB 4472

Legislative Summary S 6397

If your state has not yet passed ABLE legislation allowing for the development of an ABLE program, we encourage you to contact your state legislator to inform them about the program’s benefits. It is important that your state legislator understands that passing ABLE legislation allows individuals with disabilities in their state to save for their future, a near impossible task prior to this law. For more information on how to find and contact your state legislator, please click on the link below.

Find Your New York Legislator

Account Disclosure Document(s):

NEW YORK ABLE SAVINGS PROGRAM DISCLOSURE BOOKLET AND PARTICIPATION AGREEMENT


Additional Information:

S 6397 will amend SB 4472 and some details regarding New York ABLE account ownership, contributions, and distributions. The bill was amended on 2/2/16 during its third reading.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. There is a $45 annual fee payable at $11.25 quarterly. If paper statements are selected, the fee increases to $13.75 per quarter ($55 annually).
  • 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 is no fee charged to obtain the NY ABLE debit card. There is a monthly $2 maintenance fee for the Checking Option that can be waived if the average daily balance is over $250 or by electing electronic statements at 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:
      There is a $45 annual fee payable at $11.25 quarterly. If paper statements are selected, the fee increases to $13.75 per quarter ($55 annually).
    • Check Fee:
      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.
    • Debit Card Fee:
      There is no fee charged to obtain the NY ABLE debit card.
    • Investment Option Fee Range:
      The annual investment fee is $4.00 on a balance of $1,000.
    • Statement Fee:
      If you elect paper delivery for statements and confirmations, your Quarterly Account Maintenance Fee will be $13.75.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
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