Massachusetts

Program Name: The Attainable Savings Plan (click to open an account)
Status: Open for Enrollment
State Program Manager: Fidelity MEFA - https://www.mefa.org/products/attainable/
State Account Limit: $400,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $18,000 (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 his or her ABLE Account. The additional amount that may be contributed 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 $14,580 for residents of the continental U.S.; $18,210 for residents of Alaska and $16,770 for residents of Hawaii.
Program Banking Institution: NA
Number Investment Options: 8
Program Investment Institution(s): Fidelity Investments
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.
Medicaid Estate Recovery Status: If the account owner dies with funds in an ABLE account, those funds must be used (in this order), to pay any outstanding QDE bills including funeral expenses, to provide payback to Medicaid for all Medicaid benefits received, and then to be distributed to the account holders legal beneficiaries.
State Income Tax Deduction: No.
FDIC Insured: No.
ABLE Legislation:

Bill H 3753

 

Account Disclosure Document(s):

Please See Plan Disclosure Document


Additional Information:

Nationally, Fidelity Investments has centers where a customer can open an account in person. A person can open an account at an investment center, online and over the phone.

Here is the link to search for Fidelity investment centers nationally.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    No.
  • 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?
    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?
    Yes.
  • 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:

      Please See Plan Disclosure Document

    • Statement Fee:
      $0
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
The Attainable Savings Plan (click to open an account)