General InformationDownload PDF Report

NY ABLE logo


NY ABLE is issued by New York Achieving a Better Life Experience (ABLE) Savings Account Program and administered by the Office of theComptroller of the State of New York, who serves as program administrator.

  • Program typeABLE Savings plan
  • Investment Manager
  • Inception2017
  • State agency
    Office of the Comptroller of the State of New York
  • Program Manager
  • Manager contract termUNLOCK PRO


State residency requirements:


Who can be a participant/owner in the program?

An account owner must be a New York resident, and 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.

The Maximum Account Balance allowed under NY ABLE is $100,000.

Minimum contributions:

The initial and additional contribution minimum is $25.

Investment Options

Target-Risk Options:

Select among 4 portfolio options: Aggressive, Moderate, Intermediate, and Conservative.

Bank Money Market Investment / Checking Option:

An FDIC-insured checking account is available through Fifth Third National Bank.

Fees & Expenses

Enrollment or application fee:


Account maintenance fee:

$13.75 quarterly with paper delivery for statements and confirmations, $11.25 quarterly if the account owner opts for electronic delivery.

$2 monthly service charge for investments in the Checking Option, waived for accounts with an average daily balance of more than $250 or electronic statement delivery.

Program management fees:

0.36% to 0.38%

Expenses of the underlying investments:

0.02% to 0.04%

Total asset-based expense ratio:


Fees or restrictions on the number of disbursements

None, but a $25 fee applies to all outgoing wires and priority delivery service.

Taxes and other Benefits

Program match on contributions:


State tax deduction or credit for contributions:


State tax recapture provisions:


State tax treatment of qualified distributions:

New York follows federal tax treatment of earnings on an ABLE account. Earnings on investments in NY ABLE are federally tax-deferred and tax-free if used for qualified disability expenses.

State tax treatment of rollovers:

New York follows federal tax-free treatment of rollovers, though tax-free rollovers are restricted to once per 12-month period.

Medicaid eligibility

The CMS guidance can be found at Implications of the ABLE Act for State Medicaid Programs on the CMS website. Please consult with your state's Medicaid office with any additional questions.

Medicaid recapture provisions

Under Section 529A of the Code, following the death of the account owner, any state may file a claim against the account owner or the Account itself for the amount of the total medical assistance paid to or for the account owner under the state's Medicaid plan after the account (or any ABLE account from which amounts were rolled over or transferred to the current account) was opened. The amount paid in satisfaction of a Medicaid recapture claim is not a taxable withdrawal from the account and is paid only after all outstanding amounts due for Qualified Disability Expenses of the account owner have been paid. In addition, the amount of the recapture is reduced by the amount of all premiums paid by or on behalf of the account owner to a Medicaid Buy-In program under that state's Medicaid plan.

Is there a debit card/ purchasing card available, and if so, at what cost?

Yes, investors in the Checking Option may obtain a debit card at no charge.

Statutory protection of an account from creditors:


Distributions & Terminations

To whom are distributions made payable:

Qualified withdrawals will be sent by check or ACH to the account owner at the address on the account or a third party designated by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.

Documents, Access & Reporting

Does participant have online password-protected access to account?


Can the complete enrollment process including funding be done online?


Documents and other services accessible or downloadable on the program's public Web site: