Rhode Island ABLE Account Information

 

  • Status: Open for Enrollment
  • Program Name: RI’s ABLE
  • Program Manager: Ascensus
  • Program Investment Institution: BlackRock, Schwab, and Vanguard
  • Program Website: https://savewithable.com/ri/home.html
  • Annual Contribution Limit: $15,000.00

 

Rhode Island ABLE Account FAQs


Does this program offer enrollment to out of state residents?

Yes.

Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents?

No.

Who is the program administrator?

Executive Office of Health and Human Services in conjunction with the State Investment Commission [of Rhode Island].

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; $40.00 annually, payable at $10.00 quarterly.

Is there a required minimum contribution to your account? If so, what is the amount?

No.

Are there fees or restrictions to the number of disbursement you are allowed?

No.

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.

Who is the investment manager?

BlackRock, Schwab, Vanguard, and for high-yield savings Sallie Mae.

How many investment options are associated with the program? Do those investment options vary in risk?

There are six investment options available. Yes, these investment options range from conservative to aggressive with varying levels of risk, based on the risks of the component investments included in each portfolio. 

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%