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Maryland ABLE

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 type
    ABLE Savings Plan
  • Investment Manager
    Marquette Associates
  • Inception
    2017
  • State agency
    The Maryland 529 Board
  • Program Manager
    Sumday Administration, LLC

Eligibility

State residency requirements:

Who can be a participant/owner in the program?

Program restrictions:

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

Contributions

Maximum contributions:

Minimum contributions:

Investment Options

Target-Risk Options:

Bank Money Market Investment / Checking Option:

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Fees & Expenses

Enrollment or application fee:

Account maintenance fee:

Program management fees:

Expenses of the underlying investments:

Total asset-based expense ratio:

Fees or restrictions on the number of disbursements

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:

State tax treatment of rollovers:

Medicaid eligibility

Medicaid recapture provisions

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

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Account Changes

Policy regarding participant/owner changes:

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:

Contact

Website:

Telephone:

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See the best 529 plans, personalized for you
See the best 529 plans, personalized for you
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