CalABLE Announces
Upcoming Changes

Dear CalABLE Community:

The CalABLE team is excited to announce some upcoming changes to CalABLE. Beginning in late August, Vestwell State Savings (Vestwell) will become the contracted Program Administrator for CalABLE.

Why did we make this change?

This change was necessary due to the ending of our current Program Administration contract with TIAA-CREF Tuition Financing Inc. (TFI). Vestwell was selected in an open-bid process to manage the CalABLE program going forward.

The program administrator performs many functions related to the day-to-day management of CalABLE accounts. The administrator recommends the investment portfolios, manages customer service and transactions, performs banking and financial custody functions, including securing a prepaid card vendor, and operates the CalABLE website. The change to Vestwell means we will be introducing new resources, like a new website and mobile app, more investment options, and new ways to access CalABLE, like direct deposit from Social Security.

Why was Vestwell selected?

CalABLE received multiple bids from firms seeking to become our program administrator. Ultimately, we chose the bid we felt would be best for current and future account holders.

Vestwell has a rich history managing ABLE and college savings plans for other state programs, as well as a deep appreciation for the disability community. Combined with the CalABLE team’s understanding of CalABLE account holders, this partnership ensures CalABLE remains a great resource for the CalABLE community.

What does this mean for you?

There is nothing you need to do today; however, this change will require additional action on your part. In the coming weeks, we will share instructions and a timeline of the steps you will need to take to complete this transition with minimal interruption. We are doing everything we can on our end to ensure a smooth transition and have developed a guide to help you every step of the way. This guide will be mailed to all account holders later this summer as the transition approaches.

We are excited to begin this journey and introduce you to the new CalABLE. In the meantime, please stay tuned for important communication regarding the transition.

And as always, thank you for being a CalABLE account holder, and entrusting us to help you achieve a better life experience. If you have questions, please don’t hesitate to contact us.

Sincerely,

Dante Allen
Executive Director, CalABLE

FGN-2866888CC-O0423X

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Who Is Eligible?

Individuals with a disability that occurred before age 26 are eligible to open a CalABLE account. If you meet this age of onset requirement, and receive benefits under SSI (Supplemental Security Income) and/or SSDI (Social Security Disability Insurance), you are automatically eligible to open a CalABLE account.

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who is eligible

Plan Benefits

Earnings in your CalABLE account are 100% federal and California state tax-free. Withdrawals to pay for disability-related expenses are also federal and California state tax-free.

The assets in your CalABLE account, up to $100,000, will not affect your ability to receive state and federal benefits such as SSI (Supplemental Security Income) and Medicaid.

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plan benefits

Qualified Expenses

Funds in a CalABLE account can be used for many different disability-related expenses, ranging from education, employment support, housing, transportation, assistive technology and healthcare.

A CalABLE account lets you save for emergency funds that can keep you independent and productive.

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eligible expenses