Author: Deborah Goodkin, Managing Director, Savings Plans, First National Bank of Omaha
Are you a current or potential Account Owner? If so, we encourage you to stay up to date about all things Enable – including costs and management fees related to your account. To help you stay informed, we answered some of the most common questions we receive from our Account Owners. Read on to learn more.
What are the annual contribution limits?
Total contributions made into your account, regardless of who made the contribution, cannot exceed $15,000 per calendar year. In addition, contributions by an employed Account Owner who has not contributed to an employer-sponsored retirement plan during the current calendar year may exceed the Annual Contribution Limit by the lesser of (a) the compensation included in the Account Owner’s gross income for the taxable year, or (b) the federal poverty line for a one-person household.
Are there any account minimums I need to meet?
Enable Savings Plan account minimums include: a minimum initial contribution of $50 (however, this is lowered to $25 if you establish an Automatic Investment Plan (AIP) or payroll deduction at the time of enrollment; a minimum subsequent contribution of $25 (however, this is waived if you have AIP or contribute through payroll deduction); as well as a minimum account balance of $50 at all times.
What account fees should I expect with my Enable Savings Plan account?
Enable Savings Plan Account Owners are charged a low annual account fee and total asset-based fees. However, there are no fees to enroll, withdraw, change investment options or transact online. A breakdown of fees includes:
- A quarterly charge per account of $11.25 ($45 annually) regardless of the number of Investment Options or which Investment Option you invest in.
- Total Asset-Based fees for the Target-Risk or Bank Savings Options range from 0.50% to 0.55%. The Total Annual Asset-Based fees include the amount charged by the underlying fund and the fee paid to manage the Plan, including costs for forms, website, processing, legal, and marketing. This fee is incorporated into the price of each Investment Option, and the fee is not deducted from your account.
What is considered a Qualified Disability Expense (QDE)?
A QDE is an expense related to the disability of the Eligible Individual. This covers a wide range of categories in addition to medical expenses, including those such as education, service animals, housing, transportation, financial management and administrative services and basic living expenses. To read more about what is considered a qualifying expense please visit: https://secure.ssa.gov/poms.nsf/lnx/0501130740.
Do you have additional questions about your Enable Savings Plan account? If, please reach out to us via email at email@example.com or by phone at 1-844-ENABLE4.