Pennsylvania

Program Name: PA ABLE Savings Program (click to open an account) Phone: 1 855-529-2253
Status: Open for Enrollment
ABLE Plan Flyer: https://www.paable.gov/pdf/PA-ABLE-brochure.pdf
State Program Manager: Vestwell Government Savings, LLC
State Account Limit: $511,758
Accepts Out Of State Residents: Yes
Rep. Payee Multiple Access: Yes. Call the ABLE plan to discuss.
Annual Contribution Limit: $20,000 (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 $15,650 for residents of the continental U.S.; $19,550 for residents of Alaska and $17,990 for residents of Hawaii.
Program Banking Institution: NA
Number Investment Options: 16
Program Investment Institution(s): Each of the Investment Options invests in products from Fidelity, Fifth Third Bank, Lincoln, Nationwide, Schwab, and Vanguard. Investment Options include seven risk-based Investment Options ranging from Aggressive to Capital Preservation, as well as nine target-year Investment Options, with target years ranging from 2030 to 2070 (or later).
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.   Withdrawals may be restricted for up to 15 days after Account opening, after contributions, or after certain changes to your account. Gift contributions may be subject to a hold of 10 business days (following settlement) during which they cannot be withdrawn. All other contributions are subject to a hold of 5 business days (following settlement) during which they cannot be withdrawn.
Medicaid Estate Recovery Status: Under federal law, if the Beneficiary received Medical Assistance (Medicaid), the state that provided the Medical Assistance (Medicaid) is permitted to file a claim seeking repayment from the ABLE account in an amount up to the amount of Medical Assistance (Medicaid) provided during the time the beneficiary had an ABLE account. However, under Pennsylvania law, the Department of Human Services (DHS), the state agency responsible for administering Medical Assistance (Medicaid), may not file a claim against a PA ABLE account.
State Income Tax Deduction: Yes. Deduct contributions up to $19,000 per year from Pennsylvania taxable income (only contributions to PA ABLE accounts qualify for this deduction).
FDIC Insured: No.
ABLE Legislation:

Pennsylvania State ABLE Legislation

 

Account Disclosure Document(s):

Program Disclosure Statement

 


Additional Information:

Program Disclosure Statement

What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? With proper documentation, qualified funeral and burial expenses may be withdrawn from the account.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    No.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $1.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. There is an Annual Account Maintenance Fee. That fee is $37, but is discounted to $17 for those Account Owners who choose Electronic Delivery. The fee is taken quarterly ($9.25 or $4.25).
  • Are there fees or restrictions to the number of disbursements 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. PA ABLE also offers an ABLE Visa® Prepaid Card managed by True Link Financial. Withdrawals can be taken from any Investment Option and loaded onto the ABLE Visa® Prepaid Card to use for Qualified Withdrawals.
  • 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:
      Annual Account Maintenance Fee (assessed quarterly): $56.00 for paper delivery of confirmations and statements ($14.00/quarter) $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter).
    • Check Fee:
      $0
    • Debit Card Fee:
      $0; PA ABLE also offers an ABLE Visa® Prepaid Card managed by True Link Financial. Withdrawals can be taken from any Investment Option and loaded onto the ABLE Visa® Prepaid Card to use for Qualified Withdrawals.
    • Statement Fee:
      There is an Annual Account Maintenance Fee. That fee is $37, but is discounted to $17 for those Account Owners who choose Electronic Delivery. The fee is taken quarterly ($9.25 or $4.25).
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    Pennsylvania savers and investors can choose among 7 Risk-Based Investment Options and 9 Target-Year Investment Options. debit card and check-writing capability. There is a convenient PA ABLE Visa Prepaid Card to access funds. Account Owners can take advantage of lower fees by choosing Electronic Delivery. The Pennsylvania ABLE Program is available to both in-state and out-of-state residents. Anyone can contribute to an Pennsylvania ABLE Account, and the easy-to-use gift feature and Gift of College cards make gift contributions easy.

    Where can I find the ABLE Plan’s investment performance information?

    Plan’s Investment Performance 
PA ABLE Savings Program (click to open an account) Phone: 1 855-529-2253