Program Name: Oregon ABLE Savings Plan
Program Manager: BNY Mellon
Program Investment Institution: The Plans are a mix of Vanguard funds and one DFA fund to make up our Conservative, Moderate and Aggressive investment options. We do not have an Investment Manager, but we do have a third party Investment Consultant (Sellwood Consultants).
Program Website: Oregon ABLE Savings Plan
Total Annual Contribution Limit: $14,000
Account Limit: $310,000
State Tax Deduction: There is an Oregon income tax deduction for contributions made to ABLE accounts with beneficiaries under the age of 21 years. It is $4,660 for joint filers and $2,330 for single filers.
ABLE Disclosure Form: http://oregonablesavings.com/assets/docs/oregon-able-plan-disclosure-booklet.pdf
The Oregon ABLE Savings Plan is open to all Oregonians and the ABLE for ALL Savings Plan is open for people throughout the United States. Both plans are unique because they were created with the detailed support of the disability community which included self-advocates, nonprofit organizations and state agencies. The plans come with incredible resources and support, including the first ABLE plan to partner with Sumday. Sumday offers a fun, simple and intuitive online platform designed to help people manage their ABLE accounts as to reach their dreams. Both plans offer 4 different investment portfolios, including an FDIC-insured cash option. The ABLE prepaid card allows people easy access to their money and the ability to track their spending.
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. $2,330 of contributions by single filers and $4,660 of contributions by joint filers to ABLE accounts of beneficiaries under 21 are deductible for Oregon individual income tax purposes
- Who is the program administrator? BNY Mellon, through their Sumday platform, is our Program Manager
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? No.
- Is there an annual set fee to maintain the account? If so, how much? Yes. $45 per year for the Oregon ABLE Savings Plan (discounted to $22.50 if opened before December 31, 2017) and $35 per year for the ABLE for ALL Savings Plan. An additional fee of 0.30% on the investment also applies.
- Is there a required minimum contribution to your account? If so, what is the amount? Yes. $25 to open the account, and $10 for additional contributions
- Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they? Yes. Fees apply to the prepaid card, for paper statements, withdrawing checks, bounced checks or additional services.
- 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 the Oregon ABLE Program. There is a $50 fee associated with rolling out of the Oregon ABLE Program
- Is there a “debit card/purchasing card” available with the program? If so, what is the added cost? Yes. The fee for the pre-paid card is $1.25 per month.
- Who is the investment manager? Our third party Investment Consultant is Sellwood Consultants.
- How many investment options are associated with the program? There are four investment options.
- Do those investment options vary in risk? Yes. These investment options range from little risk FDIC insured to conservative to aggressive with varying levels of risk, based on the risk of the 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 0.30% to 0.38% for assets in accounts for both the Oregon ABLE and ABLE for ALL Programs.
- Are there other characteristics unique to your program? Our program is unique because it was created with the support of people with disabilities and those working with the disability community. We collaborate with nonprofit organizations and government agencies that focus on disability issues and champion our cause. We established ways for people to get in-person assistance with in-state partners such as the Aging and Disability Resource Centers in case they need additional support. Our support team goes above and beyond with intensive training to help empower beneficiaries with information provided in a way that is most useful for that person. The Oregon ABLE debit card was designed with accessibility in mind having special features to improve ease of use for individuals with disabilities and allows beneficiaries a simple, efficient way to use up to $15,000 at a time for Qualified Disability Expenses. We’re also the first ABLE program to partner with Sumday, a program manager that offers a fun, simple and intuitive online platform that helps people manage their ABLE accounts to reach their dreams.