Minnesota ABLE Account Information
- Status: Open for Enrollment
- Program Name: Minnesota ABLE Plan
- Program Manager: Ascensus
- Program Investment Institution: BlackRock, Schwab, and Vanguard
- Program Website: https://savewithable.com/mn/home.html
- Annual Contribution Limit: $15,000.00
Minnesota ABLE Account FAQs
Does this program offer enrollment to out of state residents?
Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents?
Who is the program administrator?
Minnesota Department of Human Services.
Is there an initial minimum contribution requirement to open an ABLE account?
Yes. The initial minimum contribution requirement to open an ABLE account is $25.00.
Is there an annual set fee to maintain the account?
Yes. The current account maintenance fee is $45.00 annually ($40.00 for Minnesota Account Owners) payable at $11.25 quarterly for non-residents and $10.00 quarterly for Minnesota residents. With paper statements, the annual fee is $60.00, payable at $15.00 quarterly.
Is there a required minimum contribution to your account? If so, what is the amount?
Are there fees or restrictions to the number of disbursement you are allowed?
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 ABLE account from one ABLE program to another ABLE program.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. A $2.00 monthly fee is associated with utilizing the debit card option, however the fee can be waived with an average daily balance over $250.00 or if enrolled in electronic statement delivery at Fifth Third Bank.
How many investment options are associated with the program? Do those investment options vary in risk?
There are six investment options available. These investment options range from conservative to aggressive with varying levels of risk, based on the risk 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 0.34% to 0.38%.