Louisiana

Program Name: Louisiana ABLE Account Program (click to open an account) Phone: 1-800-259-5626 Ext #2
Status: Open for Enrollment
State Program Manager: Louisiana Office of Student Financial Assistance (LAOSFA) and Louisiana Tuition Trust Authority (LATTA)
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $19,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to their ABLE Account. The additional amount that may be deposited is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $15,060 for residents of Louisiana.
Program Banking Institution: Chase Bank
Number Investment Options: 9
Program Investment Institution(s): Vanguard Inc: “ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Prepaid Card Feature: No
Withdrawal Hold Rules: Yes. 3 business day float on non-guaranteed funds.
Medicaid Estate Recovery Status: Any funds remaining in the account after all Qualified Disability Expenses have been paid are subject to a legal claim by the state in an amount up to “the amount equal to the total medical assistance paid for the designated beneficiary after the establishment of the account, net of any premiums paid from the account or paid by or on behalf of the beneficiary to a Medicaid BuyIn program under any State Medicaid plan established under title XIX of the Social Security Act, shall be distributed to such State upon filing of a claim for payment by such State.” (Internal Revenue Code Section 529a.)
State Income Tax Deduction: No.
FDIC Insured: No.
ABLE Legislation:

Account Disclosure Document(s):

Account Disclosure Document

Additional Information:

The ABLE Act was passed on 5/16/14 as Act 93 (HB 833), prior to the federal passage of the ABLE Act in December 2014. HB 598 was signed into law as Act 411 on 7/1/15 to amend Act 93.

Do you have a policy for opening an account for those who have term guardianship, personal guardianship or financial guardianship/conservator? Yes , during the opening procedure, (online or paper application) this relationship is established via the answer to the hierarchy question included.

What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Upon notification of the death of the account owner/disabled person, our staff requests a copy of the death certificate. Once received, we inquire if there are outstanding medical or funeral final expenses. If so, payment is made to cover those expenses. If there are funds left above those final expenses, a check is requested payable to the estate of the account owner/disabled person.

Does your plan allow for naming any beneficiary on the account? A beneficairy may be named within the account. Upon the death of the ABLE account owner, outstanding qualified disability expenses, including funeral and burial may be paid. The account can be transferred to a disabled sibling of the account owner. The final payment can also be sent to the estate of the account. If none of the options listed above are selected, the balance of the account will then be sent to Disabled Services.

Program at a Glance

Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Yes. $10.
Is there a required minimum contribution to your account? If so, what is the amount?
Yes. $10.
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?
Yes. Yes, the account may have two disbursements per month of at least $200 each.
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. $0.
Fee Range
- Annual Maintenance Fee:
  $0
- Check Fee:
  $0
- Debit Card Fee:
  $0
- Investment Option Fee Range:
  
  Investment Performance: https://www.able.osfa.la.gov/Common/Docs/ABLE_Investment_Performance_Report.pdf
- Statement Fee:
  $0
- ABLE Account Transfer Fee:
  $0
- Withdrawal Transaction Fee:
  $0
Are there other characteristics unique to your program?

LA does not charge administrative fees to the owners. They only incur the basis point fees from Vanguard.

Payments can be mailed or wired to the account administrator. We do not have the debit card option available.

Does your plan allow for different Levels of Control for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? No

Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? Yes, during the opening procedure, (online or paper application) this relationship is established via the answer to the hierarchy question included.

Does your plan allow for proper account titling for a representative payee?
• (Beneficiary’s name) by (your name), representative payee.
• (Your name), representative payee for (beneficiary’s name). If the rep payee is an individual, they set the account up with themselves as the administrator and the disabled person as the account owner. If the rep payee is an entity, the account is set up with the entity as the administrator with an agent to act on behalf of the entity and the disabled person as the account owner.

Louisiana ABLE Account Program (click to open an account) Phone: 1-800-259-5626 Ext #2