Rhode Island

Program Name: RI's ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $395,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: 12490
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard provide the mutual funds and/or ETFs in the Target Risk Options. Sallie Mae Bank provides the high yield savings account in the applicable Target Risk Options.
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the account, upon filing of a claim for payment by such state.
State Income Tax Deduction: No.
FDIC Insured: Yes. The Fifth Third Bank, NA checking account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

HB 5564 Legislative Summary

SB 465 Legislative Summary

Account Disclosure Document(s):

Please see the Plan Disclosure Documents


Additional Information:

Withhold Rules: Contributions made by check, recurring contribution, or EFT to the checking account option will be available for withdrawal after six business days. Contributions to the investment options made check, recurring contribution, or EFT will be available for withdrawal after 5 business days. There will be a hold of 10 business days on withdrawal requests when there is a change of address.

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.  The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
  • 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. A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
  • 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:
      The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
    • Check Fee:
      Checkbooks containing 50 checks may be purchased for $6.00 per checkbook. Once the checking account balance reaches at least $25.00, payment for checkbooks may be made from funds in the account.
    • Debit Card Fee:
      A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
    • Investment Option Fee Range:
      See Plan Disclosure Documents for detailed information See state's ABLE Plan Disclosure Documents and Investment Performance Report for detailed information.

      Please see the Plan Disclosure Documents

    • Statement Fee:
      The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements. The $2.00 monthly fee for the checking account option will be waived with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
  • Are there other characteristics unique to your program?

    This plan is a member of the National ABLE Alliance (NAA). NAA is a bi-partisan consortium of states working together to offer people with disabilities nationwide a best-in-class ABLE savings and investment program. NAA plans include an exclusive, fully integrated, Fifth Third Bank FDIC-insured checking account option. This account is available with real-time debit card and check-writing capability and the user friendly Ugift feature, which makes gift contributions easy.

RI's ABLE (click to open an account)
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