FAQs
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- ALR
- Benefits
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- Eligibility
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- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
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- What is the ABLE Act?
- Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medicaid, and others for their living and basic needs, but even those benefits can be limiting. Those receiving much needed... Read more
- Can I close and transfer my Oregon ABLE Savings Plan to a different ABLE account?
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Yes, but you can make only one rollover every 12 months. Use the ABLE plan’s rollover forms to start the process.
- Do I have to pay taxes on my account?
- As long as the money in your ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes. If a purchase doesn’t qualify as an eligible expense, you’ll have to pay taxes on the earnings and a 10% penalty on the earnings. If you want to know more about... Read more
- What happens to my state and federal benefits?
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Your ABLE account can grow up to $100,000 without affecting your Supplemental Security Income (SSI) benefits. Other federal benefits are not affected, regardless of the balance in the ABLE account.
- Who is Vestwell?
- The Oregon Treasury Savings Network administers and oversees the Oregon ABLE Savings Plan. Vestwell State Savings, LLC, dba Sumday Administration, is the plan manager for the Oregon ABLE Savings Plan and provides the online platform for the ABLE account. Vestwell Holdings, Inc. is backed by some of... Read more
- How is this different from a Special Needs Trust or Pooled Trust?
- An ABLE account won’t replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people with disabilities and their families more options. With an ABLE account: There are fewer expenses than setting up a trust. The beneficiary owns the funds and can... Read more
- What are the fees?
- There is an annual fee of $35 to keep the account up and running. There is also an annual administrative fee of 0.30% to 0.34% on the account’s balance and the investment option. Additional fees are added based on how you use the account: $10 per year for paper statements when you choose to opt... Read more
- Where can I find my account number?
- You can find all the information about an ABLE account on the Overview page. The account number is at the top of that page. The rest of the information about the beneficiary’s account — including contact info, condition, customization, money allocation, and yearly goal — can be viewed and edited on... Read more
- How do I change my address?
- You can update either a beneficiary or an Authorized Legal Representative’s address through the online dashboard under account details. When you update an ABLE account’s address, there’s a 15-day hold for all check withdrawals requested with the Withdrawal Form or by calling customer service.... Read more
- Can money in an ABLE account be recovered in a bankruptcy?
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No. The Oregon ABLE Savings Plan is protected from bankruptcy.
