Tennessee

Program Name: ABLE TN
Status: Open for Enrollment
State Program Manager: State of Tennessee Department of Treasury
State Account Limit: $350,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 14
Program Investment Institution(s): The Tennessee Treasury Department with offerings from Vanguard, PRIMECAP, Dimensional Fund Advisors and First Tennessee Bank“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: No
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No. There is no state income tax for residents of Tennessee.
FDIC Insured: Yes
Account Disclosure Document(s):

ABLE TN DISCLOSURE BROCHURE


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?
    No.
  • 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?
    No.
  • 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:
      $0
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:
      $0 - $62 on $1,000 investment per year
    • Statement Fee:
      $0
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
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