Washington

Program Name: Washington State ABLE (click to open an account) Phone number: 1-844-600-2253
Status: Open for Enrollment
State Program Manager: Vestwell
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 Washington; $18,210 for Alaska or $16,770 for Hawaii residents.
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard and DFA
Debit Card Or Prepaid Card: 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: Yes, against the estate not the plan.
State Income Tax Deduction: No. WA has no state income tax therefore no deductions nor credits.
FDIC Insured: Yes. BNY Mellon FDIC Insured account up to $250,000.
ABLE Legislation:

Washington House Bill 2323 from 2016 session

Senate Bill 6221 from 2018 session

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?
  Yes. $10.
• Is there an annual set fee to maintain the account? If so, how much?
  Yes. $35 per 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. $0.
• Fee Range
  • Annual Maintenance Fee:
    $35
  • Check Fee:
    $2.50 per check (distribution by check)
  • Debit Card Fee:
    $1.25 per month
  • Investment Option Fee Range:
    

    See plan disclosure for historical rate of returns.

    https://www.washingtonstateable.com/uploads/wa-able/attachments/clqvbltnf2ch00jmk3hin3p9v-washington-able-plan-disclosure.pdf

     

  • Statement Fee:
    No fee for electronic statements. $10 annually for mailed paper statements.
  • ABLE Account Transfer Fee:
    $0
  • Withdrawal Transaction Fee:
    $0
• Are there other characteristics unique to your program?
  

  E-gifting option to set up and run gifting campaigns for the beneficiary.

  Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? Yes, we follow the Final IRS Regulations regarding who can serve as Authorized Legal Representative. See here for more information: https://www.washingtonstateable.com/alr-info

  Does your plan allow for proper account titling for a representative payee?
  • (Beneficiary’s name) by (your name), representative payee.
  • (Your name), representative payee for (beneficiary’s name).

  ABLE accounts allow for both the beneficiary’s and the Authorized Legal Representative’s (including Representative Payee) name.

  What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Funeral and burial expenses are a qualified disability expense.

   

Washington State ABLE (click to open an account) Phone number: 1-844-600-2253