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South Carolina

 
Status: Open for Enrollment
Program Name: SC ABLE
Program Manager: STABLE Account and Intuition ABLE Solutions, LLC
Program Investment Institution: Vanguard Group, Inc. and Fifth Third Bank
Program Website: SC ABLE

Total Annual Contribution Limit: $14,000

Account Limit: $426,000

Additional Information: HB 3768 carried over from 2015 session and passed the House on 4/30/16 and the Senate 4/21/16. It was signed into law by the Governor on 4/29/16. SB 1050 was referred to the Senate Finance Committee on 2/2/16.

ABLE Legislation: HB 3768SB 1050

HB 3768 Legislative Summary

SB 1050 Legislative Summary

Program at a Glance

  • What is the total annual contribution limit? $14,000
  • Does this program offer enrollment to out of state residents?
    No.
  • 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. 100% of contributions to a qualified ABLE account may be deducted from SC state income tax.
  • Who is the program administrator?
    The program is administered through a partnership with Ohio's STABLE Accounts, which are backed by Intuition ABLE Solutions, LLC
  • 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. $42 per year payable at $3.50 per month
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $1.00
  • 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 SC ABLE account to another ABLE program.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. There are no added costs for a debit card.
  • Who is the investment manager?
    Vanguard Group, Inc. and Fifth Third Bank
  • How many investment options are associated with the program?
    There are five investment options available.
  • Do those investment options vary in risk? Yes. These investment options range from low risk (BankSafe Investment Option - 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 0.19% to .34%.
  • Are there other characteristics unique to your program?
    SC ABLE offers a debit card that comes with an online portal that tracks all transactions and allows users to categorize and write notes on qualified expenses for the purposes of record keeping.