On May 17, 2021 Alabama terminated its involvement with the Enable program and launched its own ABLE program called the Alabama ABLE Savings Plan. The plan is administered by the Alabama State Treasurer and will be the Official ABLE Plan of Alabama. The plan is established pursuant to the Alabama ABLE Act, §16-33C-1 through 25, Code of Alabama, as amended. The plan is designed to be a "qualified ABLE program" under Code Section 529A, which status permits a beneficiary of an ABLE Account established under the plan to make tax-free withdrawals to pay for qualified disability expenses under certain circumstances.
- Program typeABLE Savings plan
- Investment ManagerSellwood Consulting, LLC and Callan LLC
- Inception2021
- State agencyAlabama State Treasurer and Alabama Savings Plan Board
- Program ManagerSumday Administration, LLC
Investment Options
Investors in AlabamaABLE can select from the following investment options. Click on a portfolio name for more information.
Sometimes referred to as the enrollment-based option, this is an investment approach where your asset allocation is programmed to change over time. Accounts for young beneficiaries are invested aggressively and accounts for beneficiaries with college right around the corner are invested much more conservatively. In some 529 plans, the age-based option operates by automatically transferring your investment from one static portfolio to another at certain points in time. Others utilize lifecycle funds or employ lifecycle-type tactics within the portfolio containing your investment so that it is not necessary to transfer your investment between portfolios.
