Tennessee

Program Name: ABLE TN (click to open an account) Phone: 855.922.5386
Status: Open for Enrollment
State Program Manager: State of Tennessee Department of Treasury
State Account Limit: $350,000
Accepts Out Of State Residents: No
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 Tennessee.
Program Banking Institution: NA
Number Investment Options: 15
Program Investment Institution(s): Vanguard; PrimeCap, DoubleLine; Western Asset Management
Debit Card Or Prepaid Card: No
Withdrawal Hold Rules: Yes.   Each Contribution will be subject to a ten (10) calendar day hold before the monies are eligible for Withdrawal. Additionally, there will be a hold of eight (8) Business Days on Withdrawal requests when there is a change to the Account Owner’s address and a hold of ten (10) calendar days on Withdrawal requests following a change to the Account’s banking information.
Medicaid Estate Recovery Status: Public Chapter 44, signed into law on March 14, 2023, prohibits the State of Tennessee Medicaid program from filing a claim or seeking recovery from an ABLE TN account. For all other states, within thirty (30) days upon the death of an Account Owner, and after all outstanding payments due for Qualified Disability Expenses, all amounts remaining in an ABLE Account, up to an amount equal to the total medical assistance paid for the Account Owner after the establishment of an ABLE Account, net of any premiums paid by or on behalf of the Account Owner to a Medicaid Buy–In program under any state Medicaid plan, may be claimed by the applicable state and, if so claimed, must be distributed by the Program to the claiming state.
State Income Tax Deduction: No. There is no state income tax for residents of Tennessee.
FDIC Insured: No. NA
ABLE Legislation:

Achieving a Better Life Experience (ABLE) Act

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. $25.
• Is there a required minimum contribution to your account? If so, what is the amount?
  No.
• Is there an annual set fee to maintain the account? If so, how much?
  No.
• 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?
  No.
• 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:
    $0
  • Check Fee:
    NA
  • Debit Card Fee:
    $0
  • Statement Fee:
    $0
  • ABLE Account Transfer Fee:
    $0
  • Withdrawal Transaction Fee:
    $0
• Are there other characteristics unique to your program?
  

  New Enrollment in ABLE TN is only available to Tennessee residents.

  Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? No

  Where can I find the ABLE Plan’s investment performance information? ABLE TN (abletenn.com)

  Description of plan’s Recertification of ABLE Eligibility Policy: Each year, the Account Owner is notified that they must inform ABLE TN if they are no longer eligible. If they do not notify the program that they are ineliglble, they are deemed to have re-certified.

ABLE TN (click to open an account) Phone: 855.922.5386