SC ABLE Savings Program

South Carolina

The State of South Carolina has partnered with the State of Ohio to create SC ABLE, a program that offers the STABLE Account Plan to eligible South Carolina residents. The STABLE Account Plan is established pursuant to Ohio law (Ohio Revised Code §113.50-§113.56) in accordance with Section 529A, and is structured and operated by the Ohio Treasurer's Office and its Service Providers.


Program type:

ABLE Savings Plan

How to enroll:

Enroll directly with the program

Initial year of operation:


State agency(ies):

Office of the South Carolina Treasurer

Program manager:

Intuition ABLE Solutions, LLC

Manager contract term:

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Investment Manager

Marquette Associates is the Investment Advisor, and The Vanguard Group and Fifth Third Bank are the providers of the investment options.


State residency requirements:


Who can be a participant/owner in the program?

An account may be opened by a qualfied beneficiary under section 529A or by an Authorized Legal Representative on his/her behalf.

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.


Maximum contributions:

The plan's annual contribution limit is currently $15,000 per year per Beneficiary from all sources. There is also a lifetime account limit of $350,000, at which point no new contributions may be made.

Minimum contributions:

The minimum initial contribution amount is $50.00 per STABLE Account. The minimum subsequent contribution amount is $1.00 per STABLE Account.

Investment Options

Target-Risk Options:

Select among four Investment Options: Income, Conservative Growth, Moderate Growth, Growth.

Bank Money Market Investment / Checking Option:

The BankSafe Option offers FDIC insurance protection for amounts invested in the option, up to FDIC-permitted limits. The option allocates 100% of its assets to Fifth Third Bank's BankSafe Product.

Fees & Expenses

Enrollment or application fee:

There is no application fee for online enrollments, but a fee of $50 will be assessed to all paper applications.

Account maintenance fee:

$42, $3.50 monthly per STABLE account

Program management fees:

State administrative fee of 0.19%

Expenses of the underlying investments:

Ranges from 0.12% to 0.15%, none for the BankSafe option

Total asset-based expense ratio:

0.19% - 0.34%, depending on the selected investment option

Fees or restrictions on the number of disbursements


Taxes and other Benefits

Program match on contributions:


State tax deduction or credit for contributions:

Contributions to the Plan are deductible for South Carolina state income tax purposes. South Carolina residents and taxpayers may deduct the amount of their contributions to a STABLE Account from their South Carolina adjusted gross income, up to $14,000, for each STABLE Account to which they have contributed. Earnings grow tax-deferred from South Carolina state income tax.

State tax recapture provisions:


State tax treatment of qualified distributions:

There is no South Carolina state income tax on qualified withdrawals.

State tax treatment of rollovers:

There is no South Carolina state income tax on Rollovers.

Medicaid eligibility

Under the ABLE Act, funds in your STABLE Account should be disregarded (i.e., treated as an excluded resource) for purposes of determining your eligibility for Medicaid benefits. Additionally, suspension of SSI benefits due to a STABLE Account balance of over $100,000 (see above) will have no effect on Medicaid eligibility.

Medicaid recapture provisions

Under Section 529A, following the death of the beneficiary, any state may file a claim against the beneficiary or the STABLE Account itself for the amount of the total medical assistance paid for the beneficiary under the state's Medicaid plan after the establishment of the account (or any ABLE account from which amounts were rolled or transferred to the STABLE Account). The amount paid in satisfaction of such a claim is not a taxable distribution from the STABLE Account.

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

Beneficiaries can transfer funds from STABLE Account onto STABLE Card and use the Card to pay for qualified disability expenses.

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Only the beneficiary, or, if one has been named, the authorized legal representative may direct withdrawals from a STABLE Account.

Account Changes

Policy regarding participant/owner changes:

A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.

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:

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