Pennsylvania

Program Name: PA ABLE Savings Program
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $511,758
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 7
Program Investment Institution(s): BlackRock, Schwab, and Vanguard; “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. Subject to federal and state probate laws.
State Income Tax Deduction: Yes. Contributions up to $15,000 per year may be deducted from taxable income on Pennsylvania state income tax. This benefit applies only to contributions made to a PA ABLE account.
FDIC Insured: Yes
ABLE Legislation:

HB 1319SB 879

HB 1319 Legislative Summary

SB 879 Legislative Summary

Account Disclosure Document(s):

PA ABLE Savings Program Disclosure Statement


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. $25.
  • 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 $60 which is discounted to $45 for those Account Owners who receive specified Account information electronically. The fee is taken quarterly ($15 or $11.25).
  • 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.
  • 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 an annual account maintenance fee. That fee is $60 which is discounted to $45 for those Account Owners who receive specified Account information electronically. The fee is taken quarterly ($15 or $11.25).
    • Check Fee:
      $6 fee for 50 checks
    • Investment Option Fee Range:
      $3.40 - $3.80 on $1,000 investment per year
    • Statement Fee:
      $15 per quarter for paper statement; $11.25 for electronic statement fees are included in the quarterly maintenance fee
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