Illinois - ABLE National Resource Center

1/6/23, 10:06 AM Illinois - ABLE National Resource Center
ABOUT SUBSCRIBE GIFT CARD DONATE CONTACT EN ESPANOL
WHAT IS ABLE? GET STARTED MANAGE ACCOUNT
SERVICE PROVIDERS EMPLOYERS RESOURCES
Illinois
Program Name: Illinois ABLE (click to open an account) Phone: 1 (888) 609-8683
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $17,000 (This limit is a Federal limit that is required of all states
and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not
contributing to a defined contribution plan, an annuity contract or an eligible deferred
compensation plan may contribute additional money to his or her ABLE Account. The
additional amount that may be contributed is an amount equal to the Account Owner’s
employment income or equal to the poverty line for a one-person household for the prior
calendar year, whichever amount is the less. This is up to $13,590 for residents of the
continental U.S.; $16,990 for residents of Alaska and $15,630 for residents of Hawaii.
Program Banking Institution: The checking account option is provided through Fifth Third
Bank, NA.
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard provide the mutual
funds and/or ETFs in the Target Risk Options. Sallie Mae Bank provides the high yield savings
account in the applicable Target Risk Options.
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. Contributions made by check, recurring contribution, or EFT to
the checking account option will be available for withdrawal after six business days.
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Contributions to the investment options made check, recurring contribution, or EFT will be
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available for withdrawal after 5 business days. There will be a hold of 10 business days on
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https://www.ablenrc.org/state-review/illinois/ 1/4
withdrawal requests when there is a change of address.

Medicaid Estate Recovery Status: Illinois state Medicaid is not permitted to recover certain
benefits from an IL ABLE account, unless required by federal law.
State Income Tax Deduction: Yes. Illinois taxpayers canPROVIDERS
SERVICE deduct $10KEMPLOYERS
if filling as individual
RESOURCESand
$20K if filing jointly. This deduction only applies to contributions made to IL ABLE accounts.
Consult with a Tax Preparer to discuss your tax matters.
FDIC Insured: Yes. The Fifth Third Bank, NA checking account is FDIC insured up to $250,000,
subject to certain restrictions.
ABLE Legislation:
Required by Federal Law: Executive Officers (15ILCS 505/) State Treasurer Act
Account Disclosure Document(s):

Please see the Plan Disclosure Documents
PROGRAM AT A GLANCE
Is there an initial minimum contribution requirement to open an ABLE account? If
so, how much?
Yes. $25.
Is there a required minimum contribution to your account? If so, what is the
amount?
Yes. $25.
Is there an annual set fee to maintain the account? If so, how much?
Yes. The quarterly account maintenance fee of $15.00 for paper statement delivery ($60
annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic
statements.
Are there fees or restrictions to the number of disbursement you are allowed? If so,
what are they?
No.
Is there a “debit card/purchasing card” available with the program? If so, what is the
added cost?
Yes. The Fifth Third Bank checking account option is available with a real-time debit card
and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average
daily balance of greater than $250, or if enrolled in electronic statement delivery.
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to
do so?
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Yes. $0.
Fee Range
Annual Maintenance Fee: WHAT IS ABLE? GET STARTED MANAGE ACCOUNT
The quarterly account maintenance fee of $15.00 for paper statement delivery ($60
annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive
electronic statements.
Check Fee:
Checkbooks containing 40 checks may be purchased for $6.00 per checkbook. Once
the checking account balance reaches at least $25.00, payment for checkbooks may be
made from funds in the account.
Debit Card Fee:
A Fifth Third Bank checking account option is available with a real-time debit card and
no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average
daily balance of greater than $250, or if enrolled in electronic statement delivery.
Investment Option Fee Range:
Please See Plan Disclosure Documents
Statement Fee:
The quarterly account maintenance fee of $15.00 for paper statement delivery ($60
annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive
electronic statements. The $2.00 monthly fee for the checking account option will be
waived with an average daily balance of greater than $250, or if enrolled in electronic
statement delivery.
ABLE Account Transfer Fee:
$0
Withdrawal Transaction Fee:
$0
Are there other characteristics unique to your program?
Illinois is a member of the National ABLE Alliance, a bi-partisan consortium of states.
Illinois ABLE account owners benefit from powerful oversight, high-quality plan features
and low-cost, strong-performing investments. Account owners have access to an
exclusive, fully integrated Fifth Third, FDIC-insured checking account option, which is
available with a real-time debit card and check-writing capability. The Illinois ABLE plan is
available to both in-state and out-of-state residents, and Illinois taxpayers who contribute
to Illinois ABLE accounts can take a deduction from state income taxes. Anyone can
contribute to an Illinois ABLE account, and the easy-to-use Ugift feature makes gift
contributions easy.
Illinois ABLE (click to open an account) Phone: 1 (888) 609-8683
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information about upcoming webinars and current
news about ABLE accounts.
1667 K Street, NW Suite 480 Washington, DC 20006

The ABLE National Resource Center is managed by the
National Disability Institute.
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1/6/23, 10:06 AM Illinois - ABLE National Resource Center

ABOUT SUBSCRIBE GIFT CARD DONATE CONTACT EN ESPANOL

WHAT IS ABLE? GET STARTED MANAGE ACCOUNT

SERVICE PROVIDERS EMPLOYERS RESOURCES

withdrawal requests when there is a change of address.

Account Disclosure Document(s):

ABOUT SUBSCRIBE GIFT CARD DONATE CONTACT EN ESPANOL

WHAT IS ABLE? GET STARTED MANAGE ACCOUNT

SERVICE PROVIDERS EMPLOYERS RESOURCES

1667 K Street, NW Suite 480 Washington, DC 20006

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