MEFA is proud to serve as the state sponsor of Attainable, the Achieving a Better Life Experience (ABLE) Savings Plan. The Achieving a Better Life Experience (ABLE) Act, enacted on December 19, 2014, permits the establishment of ABLE savings accounts under Section 529A of the Internal Revenue Code. MEFA’s Attainable provides a new way of saving for the current and long-term expenses of eligible individuals with disabilities.

The Attainable Savings Plan is advantageous because it:

  • Fosters and supports the health, independence, and quality of life of individuals with disabilities
  • Offers various investment options
  • Provides federal tax benefits
  • May be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000)
  • Professionally managed by Fidelity Investments

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  • Attainable Savings Plan accounts will not be considered when assessing SSI disability benefits eligibility (for account amounts up to $100,000), and entire account balance is disregarded in assessing eligibility for Medicaid and other federal means-tested benefits
  • Annual aggregate contributions to an account cannot exceed the federal gift tax limit ($15,000 as of 2018)
  • An account balance can grow without limit, but no additional contributions can be made that cause the balance to exceed $400,000
  • Earnings in the account are tax deferred and qualified distributions are not federally taxed
  • Qualified disability expenses are broadly defined and include those related to the beneficiary’s education, housing, transportation, employment training and support, assistive technology and related services, personal support services, health, and basic living expenses
  • Provided that the beneficiary is the same individual on both accounts (or one beneficiary is a family member of the other), it is now allowable to transfer funds from a 529 college savings plan into an ABLE account without incurring any tax or penalty. The funds rolled over from the 529 plan are subject to the annual contribution limit of $15,000 into an ABLE account. The rollover may originate from any state’s 529 plan.
  • ABLE account owners who meet certain criteria can receive a non-refundable Saver’s Credit on their federal taxes for contributions into an ABLE account.
  • The ABLE to Work legislation specifies that ABLE account beneficiaries who work and earn income may now contribute over the annual limit of $15,000 into their ABLE account. The additional permissible contribution amount equals the lesser of the individual’s gross income or the amount equal to the federal poverty line set for one person, currently $12,060.
  • Get all the details in our overview webinar here

    • Eligible individuals are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26.

    The Attainable Savings Plan does not require submission of documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus eligible individuals must retain proof in their personal records. Individuals saving in an Attainable account will be required to certify and attest on the Attainable account application that they meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual re-certification requirements.

    Each beneficiary may have only one Attainable Savings Plan account, and the account owner must be the beneficiary. If necessary, a parent or other eligible representative can provide instructions relating to the account.

    It’s easy to open an Attainable Savings Plan account. To get started, visit the Fidelity Investments website. OPEN AN ACCOUNT

    To request a seminar about Attainable for your organization or group, please complete the Attainable Seminar Request Form.

  • The Arc: (800) 433-5255
  • The Arc of Massachusetts: (781) 891-6270
  • Autism Speaks: (888) 288-4762
  • Massachusetts Down Syndrome Congress (MDSC): (781) 221-0024
  • Massachusetts Office on Disability: (800) 322-2020
  • Massachusetts Advocates for Children: (617) 357-8431
  • ABLE National Resource Center: (202) 683-6094

    • Please carefully consider the Attainable Savings Plan’s investment objectives, risks, charges, and expenses before investing. For this and other information, contact Fidelity for a free Disclosure Document or view one online. Read it carefully before you invest or send money.