Oregon – ABLE Savings Plan

Program Name: Oregon ABLE Savings Plan (click to open an account) Phone number: 1-844-999-2253
Status: Open for Enrollment
State Program Manager: Vestwell
State Account Limit: $400,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $19,000 (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 their ABLE Account. The additional amount that may be deposited 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 less. This is up to $15,060 for residents of Oregon.
Program Banking Institution: BNY Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.   5 day hold on account owner or Authorized Legal Representative contributions, 10 day hold on third party contributions
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the account. Medicaid recovery can only take place after funds are transfered to the account owner's estate.
State Income Tax Deduction: Yes. Credit - $180 for Single Filers and $360 for Joint Filers https://www.oregonablesavings.com/faqs/what-is-the-oregon-income-tax-credit
FDIC Insured: Yes. BNY Mellon FDIC Insured account up to $250,000.
ABLE Legislation:

Oregon Senate Bill 777 implemented the Federal ABLE Act in Oregon

Oregon ABLE Tax Credit

Account Disclosure Document(s):

Please See Plan Disclosure Document


Additional Information:

Minimum Deposit Amount: Yes, any deposits must be more than $5. There is no minimum number of contributions that someone has to make.

Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? Yes. Oregon ABLE accounts were designed to be opened and managed by the person with a disability. If they are not able to manage their account independently or would like someone else to manage the account on their behalf, we allow for supportive individuals to serve as Authorized Legal Representatives. Please visit this page for more information: https://www.oregonablesavings.com/alr-info

Does your plan allow for proper account titling for a representative payee? Yes. Oregon ABLE allows for representative payees to manage accounts as an Authorized Legal Representative.

What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Oregon ABLE allows for the payment of funeral and burial expenses as a qualified disability expense prior to the remaining assets being transferred to the estate of the beneficiary.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $5.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $35 a year.
  • 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. $1.25 per month
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $50.
  • Fee Range
    • Annual Maintenance Fee:
      $35 a year.
    • Check Fee:
      $2.50 per check
    • Debit Card Fee:
      $1.25 per month
    • Investment Option Fee Range:

      Please See Plan Disclosure Document

    • Statement Fee:
      No fee for electronic statements. $10 annually for mailed paper statements (currently waived by the board).
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      No fee for withdrawals
  • Are there other characteristics unique to your program?

    The Oregon ABLE Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. With Oregon ABLE, both the earnings from your ABLE account and the money withdrawn for eligible expenses are tax free. Additionally, any money added to the account could qualify for a refundable state income tax credit, which enables you to save even more for the future.
    Learn more about Oregon ABLE”s investment performance: https://www.oregonablesavings.com/historical-performance

Oregon ABLE Savings Plan (click to open an account) Phone number: 1-844-999-2253