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Michigan

 
Status: Open for Enrollment
Program Name: MiABLE
Program Manager: TSA Consulting Group
Program Investment Institution: Prudential Investment Advisor
Program Website: MiABLE

Total Annual Contribution Limit: $14,000
Account Limit:
$500,000
State Tax Deduction: HB 4543 allows for a $5,000 income tax deduction for single tax filers and a $10,000 for joint tax filers.

ABLE Legislation: HB 4541 (Tie Bar: HB 4542, HB 4543, HB 4544); HB 4542HB 4543HB 4544SB 359 (Tie Bar: SB 360, SB 361, SB 361); SB 360SB 361SB 362

 

 

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?
    Yes. $5,000 of contributions are deductible for Michigan individual income tax purposes. $10,000 of contributions for joint filers are deductible for Michigan income tax purposes.
  • Who is the program administrator?
    TSA Consulting Group
  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25 or $15 if enrolled in an Automatic Investment Plan
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. Yes. The current account maintenance fee is $45 annually, payable at $11.25 quarterly and a program management fee of 0.5% of the account, payable at 0.125% quarterly.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $25 or $15 for Automatic Investment Plan
  • 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 there may be a fee associated with rolling the ABLE account over to another ABLE program.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. However, this feature will not be available until February of 2017. There will be no additional fees associated with the card. (Except a replacement fee if the card is lost).
  • Who is the investment manager?
    Prudential Investment Advisor
  • 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 no risk (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. Depending on the investment choices, the total fees range from 0.50% to 0.78%.
  • Are there other characteristics unique to your program?
    MiABLE has the highest aggregate limit ($500 K). We will have a Debit card available that connects to the account. We offer a Public Contribution site (crowd funding). We offer a relatively high State tax deduction.