Oregon – ABLE Savings Plan

Program Name: Oregon ABLE Savings Plan
Status: Open for Enrollment
State Program Manager: Sumday, a division of BNY Mellon
State Account Limit: $400,000
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 and DFA; “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: Yes. 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.
FDIC Insured: Yes
ABLE Legislation:

Oregon Senate Bill 777 implemented the federal ABLE Act in Oregon.

Senate Bill 777

 

Account Disclosure Document(s):

OREGON ABLE SAVINGS PLAN DISCLOSURE BOOKLET


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. 35
  • 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. $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:
      35
    • Check Fee:
      2.50
    • Debit Card Fee:
      1.25
    • Investment Option Fee Range:
      Between .3% to .37%
    • Statement Fee:
      $10 annually
    • Withdrawal Transaction Fee:
      No fee for withdrawals
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