Colorado ABLE Account Information
- Status: Open for Enrollment
- Program Name: Colorado ABLE
- Program Manager: Colorado Department of Higher Education
- Program Investment Institutions: BlackRock, Schwab and Vanguard
- Program Website: http://www.coloradoable.org/
- Annual Contribution Limit: $15,000.00
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?
Is there an initial minimum contribution requirement to open an ABLE account? Is there an annual set fee to maintain the account?
Yes. The initial minimum contribution requirement is $25. The current account maintenance fee is $45 annually payable at $11.25 quarterly. With paper statements, the annual fee is $60, payable at $15 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 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 options. These investment options range from conservative to aggressive with varying levels of risk, based on the risks of the 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%.
Are there other characteristics unique to the program?
Colorado is the only state that has partnered with Colorado Fund for Persons with Disabilities (CFPD). They are a non-profit that manages pooled trusts in Colorado. CFPD is offering enrollment and account management services to individuals qualified to open ABLE, or 529(A), savings accounts. Enrollment Assistance by CFPD is FREE to all.