Maryland ABLE is established pursuant to the ABLE Act and the Maryland Achieving a Better Life Experience Act signed into law April 12, 2016. Maryland ABLE is directed and administered by the Maryland 529 Board. Sumday Administration, LLC provides administrative and record-keeping services to the program under the direction of the Maryland 529 Board and Marquette Associates serves as investment advisor. The program is designed to be a "qualified ABLE Program", which status permits a beneficiary of an ABLE account established under the program to contribute and invest funds, enjoy tax-free growth on the earnings of the account, and make tax-free withdrawals to pay for qualified disability expenses under certain circumstances.
- Program typeABLE Savings Plan
- Investment ManagerMarquette Associates
- State agencyThe Maryland 529 Board
- Program ManagerSumday Administration, LLC
State residency requirements:
Who can be a participant/owner in the program?
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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