Oregon ABLE Account Information
- Status: Open for Enrollment
- Program Name: Oregon ABLE Savings Plan
- Program Manager: BNY Mellon
- Program Investment Institutions: The Plans are a mix of Vanguard funds and one DFA fund to make up our Conservative, Moderate and Aggressive investment options. We do not have an Investment Manager, but we do have a third party Investment Consultant (Sellwood Consultants).
- Program Website: http://oregonablesavings.com/
- 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?
Yes: $2,375 of contributions by single filers and $4,750 of contributions by joint filers to ABLE accounts of beneficiaries under 21 are deductible for Oregon individual income tax purposes.
Who is the program administrator?
Sumday Administration LLC, a BNY Mellon company, is the Program Manager.
Is there an initial minimum contribution requirement to open an ABLE account?
You can open an ABLE account with no contribution and your account will remain active for 12 months without an initial deposit. After 12 months of inactivity (no initial deposit) the account will be closed.
Is there an annual set fee to maintain the account?
Yes: $35 per year and an additional fee of 0.30% to 0.37% on the investment.
Is there a required minimum contribution to your account? If so, what is the amount?
Yes: $25 to open the account, and $10 for additional contributions.
Are there fees or restrictions to the number of disbursement you are allowed?
Yes. Fees apply to the prepaid card, for paper statements, withdrawing checks, bounced checks or additional services.
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 the Oregon ABLE Program. There is a $50 fee associated with rolling out of the Oregon ABLE Program.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. The fee for the pre-paid card is $1.25 per month.
Who is the investment manager?
The third party Investment Consultant is Sellwood Consultants.
How many investment options are associated with the program? Do those investment options vary in risk?
There are 4 investment options. These investment options range from little risk with our FDIC-insured cash option to conservative, moderate and aggressive with our investment portfolios, based on the risk 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 0.30% to 0.37% for assets in accounts for both the Oregon ABLE and ABLE for ALL Programs.
Are there other characteristics unique to the program?
The program is unique because it was created with the support of people with disabilities and those working with the disability community. We collaborate with nonprofit organizations and government agencies that focus on disability issues and champion our cause. We established ways for people to get in-person assistance with in-state partners such as the Aging and Disability Resource Centers in case they need additional support. Our support team goes above and beyond with intensive training to help empower beneficiaries with information provided in a way that is most useful for that person. The Oregon ABLE debit card was designed with accessibility in mind having special features to improve ease of use for individuals with disabilities and allows beneficiaries a simple, efficient way to use up to $15,000 at a time for Qualified Disability Expenses. We’re also the first ABLE program to partner with Sumday, a program manager that offers a fun, simple and intuitive online platform that helps people manage their ABLE accounts to reach their dreams.