Tax – Pennsylvania Opens ABLE Program

On February 27, Pennsylvania became the 19th state to launch a qualified ABLE Program. This program is open to eligible individuals nationwide. The plan has seven investment options, one of which is an interest-bearing checking account with a debit card. There is a quarterly fee of $15, or $11.25 if program statements and information are sent electronically, along with annual asset-based fees that range from 0.34% to 0.38% for investment options. Additionally, there is a $2 monthly fee for the checking account option unless account holders choose to receive bank statements electronically or maintain an average balance of at least $250 a month. More information about state implementation the ABLE Act can be found here. General information about ABLE programs can be found in the National Policy Matters: ABLE Accounts for People with Disabilities here.

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