Tax Policy – Five States Open ABLE Plans

Illinois, Iowa, Kansas, Minnesota, Nevada, and North Carolina have recently launched qualified ABLE programs, bringing the total number of states with ABLE programs to 16. These programs are open to all eligible individuals nationwide. They are all part of the National ABLE Alliance, which offers six different investment options. The investment options have asset-based fees ranging from 0.34% to 0.38%. Additionally, Illinois, Kansas, Minnesota, Nevada, and North Carolina charge a quarterly account maintenance fee of $15, which is discounted by $3.75 for those who receive statements electronically. Kansas, Minnesota, and Nevada all offer an additional $1.25 discount for state residents. Iowa charges an annual account maintenance fee of $40 and an additional $15 fee for those choosing to receive statements by mail. The minimum initial deposit in all six states is $25. More information about state implementation the ABLE Act can be found here.

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