Program Name: Washington State 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 its Conservative, Moderate and Aggressive investment options.
Program Website: Plan Set to Launch August 2017
Total Annual Contribution Limit: $14,000
Account Limit: $86,000
State Tax Deduction: No
Additional Information: HB 2063 was signed into law by the Governor on 5/1/15. HB 2323 passed the House on 2/10/26 and the Senate on 3/4/16. It was signed into law by the Governor on 3/29/16. HB 2323's companion Bill is SB 6210. SB 6210 passed the Senate on 2/12/16 and passed the House Committee on Appropriations on 2/29/16.
If your state has not yet passed ABLE legislation allowing for the development of an ABLE program, we encourage you to contact your state legislator to inform them about the program’s benefits. It is important that your state legislator understands that passing ABLE legislation allows individuals with disabilities in their state to save for their future, a near impossible task prior to this law. For more information on how to find and contact your state legislator, please click on the link below.
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? No.
- Who is the program administrator? BNY Mellon, through its Sunday platform
- 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. $35 per year. An additional fee of 0.30% - 0.38% on the investment also applies.
- Is there a required minimum contribution to your account? If so, what is the amount? Yes. 25
- 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 Washington State ABLE Program. There is a $50 fee associated with rolling out of the Washington State 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 $1.50 per month.
- Who is the investment manager? 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 .38%. for assets in accounts.
- Are there other characteristics unique to your program? The Washington State ABLE Program is modeled after Oregon's ABLE Savings Plan, and was created with support of people with disabilities and those working with the disability community. It also partners 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. The ABLE prepaid card allows people easy access to their money and the ability to track their spending.