Program Name: Enable Savings Plan Alabama
Program Manager: Nebraska State Treasurer
Program Investment Institution: First National Bank of Omaha
Program Website: Enable Alabama
Total Annual Contribution Limit: $14,000
Account Limit: $350,000
ABLE Legislation: SB 226
Program at a Glance
- What is the total annual contribution limit? $14,000
- Does this program offer enrollment to out of state residents? Yes.
- Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents? If so, how much? No.
- Who is the program administrator? Nebraska State Treasurer
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $50 per account unless the account owner signs up for AIP or payroll deduction of at least $25 per month.
- Is there an annual set fee to maintain the account? If so, how much? Yes. The current account maintenance fee is $45 annually, which is charged $11.25 quarterly per account, not per investment option.
- Is there a required minimum contribution to your account? If so, what is the amount? Yes. $25, but is waived if the account has AIP or payroll deduction.
- Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they? No.
- Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so? Yes. However, based on when the account is terminated, the account owner may be assessed a portion of the annual maintenance fee.
- Is there a “debit card/purchasing card” available with the program? If so, what is the added cost? Yes. There is a debit card at no additional cost to be used for assets in the Checking Investment Option.
- Who is the investment manager? The Nebraska Investment Council provides investment oversight.
- How many investment options are associated with the program? There are five investment options.
- Do those investment options vary in risk? Yes. The investment options range from no risk (Bank Savings Option or Checking Investment Option which are both interest bearing and are FDIC insured) to conservative to aggressive with varying levels of risk, based on the risks of their underlying component investments.
- Is there a fee associated with the investment choices? If so, how much? Yes. There are no fees to enroll, withdraw, change Investment Options, or to transaction online. For the Checking Investment Option, there is no charge to receive a debit card, there are no asset-based fees, but there may be services fees (for example using an
- Are there other characteristics unique to your program? The State of Alabama, through the ABLE Program Board, contracted with the Nebraska State Treasurer to create Enable Savings Plan Alabama as part of the Trust.