Virginia ABLE Account Information
- Status: Open for Enrollment
- Program Name: ABLEnow
- Program Manager: Virginia529 College Savings Plan
- Program Investment Institution: Vanguard and Fidelity
- Program Website: www.able-now.com
- Annual Contribution Limit: $15,000.00
Virginia 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?
Yes: $2,000.00 of contributions to an ABLENow account per contributor are deductible for Virginia income tax purposes.
Who is the program administrator?
Virginia529 College Savings Plan.
Is there an initial minimum contribution requirement to open an ABLE account?
No.
Is there an annual set fee to maintain the account?
Yes; $39.00 per year payable at $3.25 per month. This monthly service fee is waived if you maintain an average daily balance of $10,000.00 in the ABLEnow Deposit Account.
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. There is no fee for the ABLENow Debit Card.
Who is the investment manager?
Virgina529 College Savings Board offers investment portfolios via Vanguard and Fidelity.
How many investment options are associated with the program? Do those investment options vary in risk?
There are four investment options available. These investment options range from little risk FDIC-insured and conservative to aggressive with varying levels of risk, based on the risks 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 0.37% to 0.40%.
Are there other characteristics unique to the program?
ABLEnow is the national ABLE savings program administered by Virginia529, the nation’s largest college savings plan. ABLEnow leverages technology that successfully powers the PNC Health Savings Account (HSA) platform, resulting in an ABLE program that’s efficient and easy to manage, supplying choice and control to account owners. Program features include some of the lowest fees in the country, an online portal to manage your account and the ABLEnow Debit Card—a simple, fast way to pay for qualified disability expenses.
