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Alaska

 
Status: Open for Enrollment
Program Name: Alaska ABLE Program
Program Manager: Ascensus
Program Investment Institution: BlackRock, Schwab, and Vanguard
Program Website: Alaska ABLE Plan

Additional Information: HB 188 passed the House on 4/9/16, then Senate on 4/16/16. It   It was signed into law 8/8/16. SB 104 was referred to the Senate FInance Committee on 3/23/16.

Legislative Summary SB 104

Legislative Summary HB 188

 

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?
    Alaska Department of Revenue
  • 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?
    Yes. $40 annually, payable at $10 quarterly
  • Is there a required minimum contribution to your account? If so, what is the amount?
    No.
  • 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. There are currently no fees associated with rolling over your ABLE account from one ABLE program to another ABLE program.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    No.
  • Who is the investment manager?
    BlackRock, Schwab, Vanguard, and for high-yield savings Sallie Mae
  • How many investment options are associated with the program?
    There are six investment options available.
  • Do those investment options vary in risk? Yes, these investment options range from conservative to aggressive with varying levels of risk.
  • Is there a fee associated with the investment choices? If so, how much?
    Yes. Depending on the investment choices, the total fees range from 0.34% to 0.38%