General InformationDownload PDF Report
INvestABLE Indiana is offered through the National ABLE Alliance. INvestABLE is established under the state's ABLE legislation and Section 529A to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities. The plan allows for the creation of tax-advantaged savings accounts for individuals with disabilities to pay for disability related expenses without endangering access to vital public benefits.
- Program typeABLE Savings plan
- Investment ManagerUnderlying mutual funds and ETFs managed by BlackRock, Schwab, and Vanguard. Sallie Mae Bank provides the high yield savings account.
- State agencyThe Indiana Achieving a Better Life Experience Authority
- Program ManagerAscensus College Savings Recordkeeping Services, LLC
- Manager contract termUNLOCK PRO
State residency requirements:No
Who can be a participant/owner in the program?An account owner must be an eligible individual under Section 529A as well as a U.S. Citizen or resident alien with a SSI/TIN number and valid permanent U.S. street address.
Program restrictions:To be eligible for an ABLE savings plan, an individual must have been diagnosed with a disability before age 26, and be eligible to receive benefits under Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI). Individuals who are not receiving SSI and/or SSDI may still be eligible if they meet the age requirement and have been diagnosed by a licensed physician and received a letter of certification.
Did you know?
The plan can be used to pay for qualified disability expenses.
This can include education, job training and support, healthcare and financial management.
Savings in an ABLE account will not impact eligibility to receive government benefits.
The first $100,000 is exempt from the Supplemental Security Income limit, and beneficiaries will continue to receive Medicaid regardless of account size.
Residents are not limited to investing in their own state's ABLE plan.
Another state may offer a plan with better suited investment options, lower fees or preferred features.
Visit this plan's website to learn more
Maximum contributions:Annual contribution limit is currently $15,000 from all sources. If the beneficiary works, the beneficiary can also contribute part, or all, of their income to their ABLE account. This additional contribution is limited to the poverty-line amount for a one-person household. For 2018, this amount is $12,140. The designated beneficiary is not, however, eligible to make this additional contribution if their employer contributes to a workplace retirement plan on their behalf.
ABLE account beneficiaries can qualify for the Saver's Credit based on contributions they make to their ABLE accounts. Up to $2,000 of these contributions may qualify for this special credit designed to help low- and moderate-income workers.
Accepts contributions until all account balances in Indiana's 529 plan for the same beneficiary reach $450,000.
Minimum contributions:The initial and additional contribution minimum is $25.
Target-Risk Options:Six target-risk options, in which the asset mix (or allocation) seeks to meet a specific investment goal and risk tolerance. The target-risk options include: Aggressive, Moderately Aggressive, Growth, Moderate, Moderately Conservative, and Conservative.
Bank Money Market Investment / Checking Option:A checking option, which invests 100% of its assets in an FDIC-insured checking account.
Fees & Expenses
Enrollment or application fee:None
Account maintenance fee:$60, assessed at $15 per calendar quarter. The quarterly fee is discounted by $3.75 for account owners who elect to receive statements via electronic delivery.
$2 monthly service charge for investments in the Checking Option, waived for accounts with an average daily balance of more than $250.