Rhode Island

Program Name: RI's ABLE
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: $12,140
Number Investment Options: 6
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: No.
State Income Tax Deduction: No.
FDIC Insured: Yes
ABLE Legislation:

HB 5564; SB 465

HB 5564 Legislative Summary

SB 465 Legislative Summary

Account Disclosure Document(s):

RI’s ABLE 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?
    No.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $40 annually, payable at $15 per quarter
  • 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 $2.00 monthly fee is associated with utilizing the debit card option, however the fee can be waived with an average daily balance over $250 or if enrolled in electronic statement delivery at Fifth Third bank.
  • 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:
      $40 annually, payable at $10 quarterly
    • Check Fee:
      $6 fee for 50 checks
    • Debit Card Fee:
      A $2.00 monthly fee is associated with utilizing the debit card option, however the fee can be waived with an average daily balance over $250 or if enrolled in electronic statement delivery at Fifth Third bank.
    • Investment Option Fee Range:
      $34 - $38 on $1,000 investment per year
    • Statement Fee:
      $13.75 quarterly for RI residents; non-residents $15.00 for quarterly for paper statements; Electronic statements for residents $10; non-residents $11.25 per quarter
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