Pennsylvania ABLE Account Information

  • Status: Open for Enrollment
  • Program Name: PA ABLE Savings Program
  • Program Manager: Ascensus
  • Program Investment Institutions: BlackRock, Schwab, and Vanguard
  • Program Website: http://www.paable.gov/
  • 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?

Yes. Contributions up to $15,000 per year may be deducted from taxable income on Pennsylvania state income tax. This benefit applies only to contributions made to a PA ABLE account.

Who is the program administrator?

Pennsylvania Treasury Department

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

Yes

Is there an annual set fee to maintain the account? 

Yes. There is an annual account maintenance fee. That fee is $60 which is discounted to $45 for those Account Owners who receive specified Account information electronically. The fee is taken quarterly ($15 or $11.25).

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 are no added costs associated with the debit card.

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?

Investment Options include six asset-allocation Investment Options ranging from aggressive to conservative as well as a Checking Account Option.

Is there a fee associated with the investment choices? If so, how much?

Yes. The Asset-allocation Investment Options have annual asset-based fees ranging from 0.34% to 0.38%. The Checking Account Option has a monthly fee of $2.00, which may be waived given certain requirements.