Program Name: VermontABLE
Program Manager: Intuition ABLE Solutions, LLC
Program Investment Institution: Vanguard Group and Fifth Third Bank
Program Website: www.vermontable.com
Total Annual Contribution Limit: $15,000
Account Limit: $426,000
State Tax Deduction: No
Additional Information: ABLE (HB 402) passed as part of an economic development bill (SB 138).
VermontABLE is open to residents of Vermont. VermontABLE offers STABLE Accounts to Vermonters at lowered investment rates. VermontABLE offers a paperless enrollment and account management system. Account holders can choose from five different investment portfolios, including an FDIC-insured option. VermontABLE also come with a debit card that allows individuals to spend their money on-the-go, and includes record-keeping and expense tracking features.
Account Disclosure Document: https://www.stableaccount.com/files/stablepds.pdf
Program at a Glance
- What is the total annual contribution limit? $15,000
- 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? No.
- Who is the program administrator? 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. The current account maintenance fee is $60 per year payable at $5 monthly. In April 2017, the account maintenance fee will decrease to $42 annually, payable at $3.50 monthly.
- 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 is no fee to do so.
- 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 the STABLE Card.
- Who is the investment manager? Vanguard Group, Inc.
- How many investment options are associated with the program? There are five investment options available.
- Do those investment options vary in risk? 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 0.34%.
- Are there other characteristics unique to your program? The STABLE Card 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.