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West Virginia

 
Status: Signed into law - program in development
Program Name: WV ABLE
Program Manager: Intuition ABLE Solutions, LLC
Program Investment Institution: Vanguard Group, Inc. and Fifth Third Bank
Program Website: WV ABLE

Total Annual Contribution Limit: $15,000
Account Limit:
$462,000

ABLE Legislation: HB 2902

Legislative Summary

Account Disclosure Documenthttps://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.
  • 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 $42 annually, payable at $3.50 monthly.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $1
  • 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 NM 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 the STABLE Loadable Debit 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% for West Virginia residents.
  • Are there other characteristics unique to your program?
    The STABLE Loadable Debit 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.