Program Name: The Attainable Savings Plan
Program Manager: Fidelity Investments
Program Investment Institution: Fidelity Investments
Program Website: The Attainable Savings Plan
Total Annual Contribution Limit: $15,000
Account Limit: $400,000
Additional Information: HB 4047 became Chapter 226 of the Acts of 2014. HD 3753 was introduced to revise the pre-federal legislation and as of 1/21/16 is in the House Ways and Means committee.
Account Disclosure Document: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/attainable/attainable-disclosure-document.pdf
Program at a Glance
- What is the total annual contribution limit? $15,000
- 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? Fidelity Investments (MEFA is the state sponsor of the plan)
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $50
- Is there an annual set fee to maintain the account? If so, how much? Yes. $30 per year paid in two installments, one in May and one in November
- Is there a required minimum contribution to your account? If so, what is the amount? Yes. $25
- 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? Yes. Note that a debit card option is ONLY available to Attainable Plan customers who also open a Fidelity Cash Management Account. Attainable plan customers can open a Fidelity Cash Management Account and transfer money easily from their Attainable account to their Fidelity Cash Management Account. The Fidelity Cash Management Account provides a no annual fee debit card with ATM-fee reimbursement, free check writing, free Fidelity Billpay, the option to open as a joint account, and the option to receive text alerts on Debit Card usage.
- Who is the investment manager? Fidelity Investments
- How many investment options are associated with the program? There are eight investment portfolios to choose from.
- Do those investment options vary in risk? Yes. The investment options includes a 100% money market option as well as a set of seven portfolios that range from more conservative to more aggressive with varying levels of stock exposure and 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 0.57% to 0.94%.
- Are there other characteristics unique to your program? The Attainable Savings Plan is the national ABLE savings program offered by MEFA as the state sponsor of the program and managed by Fidelity Investments. The Attainable Savings Plan includes strong customer service support from trained ABLE specialists (available 8am-9pm Eastern, Monday through Friday), a range of investment options to meet the needs of most investors, low annual fees, simple to use online money movement, and the option to leverage the Fidelity Cash Management Account for Attainable account withdrawals. The Fidelity Cash Management Account provides a no annual fee debit card with ATM-fee reimbursement, free check writing, free Fidelity Billpay, the option to open as a joint account, and the option to receive text alerts on debit card usage.