Program Name: ABLE TN
Program Manager: State of Tennessee Department of Treasury
Program Investment Institution: Dimensional Fund Advisors, LP, The Vanguard Group, Inc., Chartwell Investment Partners, Inc, William Blair & Co., LLC, Wellington Management Company, llp, and PRIMECA P Management Company
Program Website: ABLE TN
Total Annual Contribution Limit: $15,000
Account Limit: $350,000
Account Disclosure Form: http://www.abletn.gov/documents/ABLE-TN-Disclosure.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? State of Tennessee Department of Treasury
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $25
- Is there an annual set fee to maintain the account? If so, how much? No
- Is there a required minimum contribution to your account? If so, what is the amount? No.
- 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? No.
- Who is the investment manager? The Tennessee Treasury Department with offerings from Vanguard, PRIMECAP, Dimensional Fund Advisors and First Tennessee Bank
- How many investment options are associated with the program? There are fourteen investment options available.
- 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 0.00% to 0.62%
- Are there other characteristics unique to your program? ABLE TN offers the greatest variety of investment choices among the currently available state programs. The program is administered by the Tennessee Treasury Department which is responsible for managing the investment of roughly $50 billion in assets. Investment performance is monitored by Treasury Investments staff and a third party investment advisory firm.