New Jersey ABLE Account Information

  • Status: Open for Enrollment
  • Program Name: NJ ABLE
  • Program Manager: Ascensus
  • Program Investment Institutions: BlackRock, Schwab, and Vanguard
  • Program Website: https://savewithable.com/nj/home.html
  • Annual Contribution Limit: $15,000.00

FAQ

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?

New Jersey Department of Human Services

Is there an initial minimum contribution requirement to open an ABLE account? 

No

Is there an annual set fee to maintain the account? 

Yes. The current account maintenance fee for electronic statements 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?

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 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, plus an FDIC-insured Checking Option. 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%.