Nebraska

Program Name: Enable Savings Plan (click to open an account) Phone: 1.844.362.2534
Status: Open for Enrollment
State Program Manager: Nebraska State Treasurer
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $18,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to his or her ABLE Account. The additional amount that may be contributed is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $14,580 for residents of the continental U.S.; $18,210 for residents of Alaska and $16,770 for residents of Hawaii.
Program Banking Institution: BNY Mellon
Number Investment Options: 5
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   5-6 business days after contribution and 10 business days for change of address or account holder
Medicaid Estate Recovery Status: Upon the death of a designated beneficiary who is a resident of the State of Nebraska, and after the Department of Health and Human Services has received approval from the Centers for Medicare and Medicaid Services of the United States Department of Health and Human Services, the State of Nebraska will not file a claim for payment or seek recovery of any amount remaining in the designated beneficiary’s account for any amount of medical assistance received by the designated beneficiary or his or her spouse or dependent under the medical assistance program pursuant to the Medical Assistance Act after the establishment of the account.
State Income Tax Deduction: Yes. $10,000 ($5000 if married, filing separately) of contributions are deductible for Nebraska individual income tax purposes
FDIC Insured: Yes. FDIC insurance is provided for the Bank Savings and Checking option up to $250,000 subject to certain restrictions
ABLE Legislation:

Nebraska State Statute § 77-1401 implements the federal ABLE Act in Nebraska

 

Medicaid Recapture Policy

Account Disclosure Document(s):

Please See Plan Disclosure Document

• Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
  Yes. $50.
• Is there a required minimum contribution to your account? If so, what is the amount?
  Yes. $25.
• Is there an annual set fee to maintain the account? If so, how much?
  Yes. The current account Maintenance fee is $45 annually, payable at $11.25 per quarter
• Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
  No.
• Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
  Yes. none
• Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
  Yes. $0.
• Fee Range
  • Annual Maintenance Fee:
    The current account Maintenance fee is $45 annually, payable at $11.25 per quarter.
  • Check Fee:
    $6.00 for a starter box of checks.
  • Debit Card Fee:
    $0
  • Investment Option Fee Range:
    

    Please See Plan Disclosure Document

  • Statement Fee:
    The quarterly statements are included in the annual fee. There is no addition fee for those. For the checking option statements, $2.00 per month, unless set up for electronic statement or maintain an average monthly balance Checking Investment Option of $250
  • ABLE Account Transfer Fee:
    There is no charge to roll over a Nebraska 529 account to an Enable 529a account. If rollover of a Nebraska 529 account goes to another state, then there is a state income tax recapture to the extent previously deducted by the account owner.
  • Withdrawal Transaction Fee:
    There are no withdrawal transaction fees. For more details on fees, please refer to the program disclosure statement. https://cdn.unite529.com/jcdn/files/NEB/pdfs/programdescription.pdf
• Are there other characteristics unique to your program?
  

  Enable Savings Plan are open to in-state and out-of-state residents. The Plan offers five investment options to best suit your needs; 3 mutual fund options: Growth, Moderate, and Conservative; a Bank Savings option; and a Checking Investment option that comes with a free debit card. Nebraska residents that contribute to an Enable Savings Plan account are elligible for a Nebraska State tax deduction. Gifts may be made to an Enable Savings Plan account through a gift contribution coupon or by using the Ugift online gifting service.

  Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? Yes, The Enable plan has the ability for Authorized Individuals to manage the account, and also allows for adding an interested party to be able to obtain limited information about the account.

  Where can I find the ABLE Plan’s investment performance information?  https://ne.enablesavings.com/neabletpl/fund/pricePerformance.cs

  Description of plan’s Recertification of ABLE Eligibility Policy: Please See Plan Disclosure Document

Enable Savings Plan (click to open an account) Phone: 1.844.362.2534