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CalABLE

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CalABLE is offered by The California Achieving a Better Life Experience (ABLE) Act Board. Assets in CalABLE are held in the CalABLE ABLE Program Trust for which the Board serves as the trustee. Vestwell Tuition Financing serves as program manager. The plan offers three target risk investment options and one FDIC-Insured portfolio.

  • Program type
    ABLE Savings Plan
  • Investment Manager
    BNY Mellon Advisors
  • Inception
    2018
  • State agency
    The California ABLE Act Board
  • Program Manager
    Program managed by Vestwell State Savings, 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:

Does the program offer an e-gifting platform for receiving gift 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:

Email:

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