Oregon – ABLE Savings Plan

Program Name: Oregon ABLE Savings Plan (click to open an account)
Status: Open for Enrollment
State Program Manager: Sumday/BNY Mellon
State Account Limit: $400,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000 (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 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 $12,760 for Oregon residents.
Number Investment Options: 4
Program Investment Institution(s): Vanguard, DFA
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   10-business-day hold if deposit is made by account owner or authorized legal representative. 20-business-day hold if deposit is made by anyone else.
Medicaid Estate Recovery Status: In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. Remaining funds will be transferred to the estate of the beneficiary.  Due to the passage of Senate Bill 1027 during the 2017 legislative session, Medicaid in Oregon is restricted from filing a claim for a payback on funds that were previously in an ABLE account of a deceased beneficiary. Medicaid Payback is governed at the federal level and, out of an abundance of caution, it is suggested to assume funds could still be recovered by Medicaid.
State Income Tax Deduction: Yes. Anyone paying Oregon income tax who contributes to an Oregon ABLE Savings Plan can receive up to a $300 tax credit. It is a progressive income tax credit, meaning it has more of an impact for low- to moderate-income savers. For more information, go to https://www.oregonablesavings.com/faqs/2020/1/23/what-is-the-oregon-income-tax-credit
FDIC Insured: Yes. The Cash Option is federally insured by the FDIC up to $250,000.
ABLE Legislation:

Oregon Senate Bill 777 implemented the Federal ABLE Act in Oregon

Oregon ABLE Tax Credit

Account Disclosure Document(s):

Please See Plan Disclosure Document

Additional Information:

A free online gifting page makes it easy for friends and family to contribute.

Our ABLE for ALL Savings Plan accepts out-of-state residents.

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?
    Yes. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $35 a year
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. $1.25 per month
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $50.
  • Fee Range
    • Annual Maintenance Fee:
    • Check Fee:
      $2.50 per check
    • Debit Card Fee:
      $1.25 per month
    • Investment Option Fee Range:

      Please See Plan Disclosure Document

    • Statement Fee:
      Access to online statements is free. Paper statements can be mailed for $10 per year.
    • ABLE Account Transfer Fee:
    • Withdrawal Transaction Fee:
      No fee for withdrawals
  • Are there other characteristics unique to your program?

    From the very beginning, Oregon ABLE was designed to be a self-empowerment tool for people with disabilities. We always presume competence while making sure you have access to any supports you need. Our program was created with the support of people with disabilities and the organizations that serve them.

Oregon ABLE Savings Plan (click to open an account)
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