CalABLE 2.0 and Beyond

By CalABLE (California’s ABLE Program)

2023 was a big year for CalABLE. We surpassed $100 million in assets under management, reached 10,000 active accounts, passed AB 339 (Irwin) to conform California law with the federal ABLE Age Adjustment Act, and launched CalABLE 2.0 after completing a program administrator conversion to Vestwell State Savings (Vestwell). These are exciting accomplishments, but we like to think they are just the beginning.

CalABLE believes in the power of ABLE accounts to change the lives of people with disabilities. To that end, getting the word out about ABLE accounts is a priority for CalABLE. Our outreach efforts in 2023 included in-person events, presentations to service providers and potential account holders, our monthly webinar series, and paid advertisements. We also hired a new staff member to facilitate outreach to the Spanish-speaking community.

We plan to not only continue these efforts in 2024, but also expand them by introducing a new class of CalABLE ambassadors, launching our updated Partner Toolkit, promoting our free Financial Fitness Center, facilitating group enrollment, and more.

In addition to outreach, it is important for us to continue to innovate and ensure the full potential of these accounts is being reached. That is why CalABLE is thrilled to partner with Vestwell. Already, Vestwell has rolled out new features and benefits for CalABLE account holders including:

  • Doubling our number of investment portfolios from four to eight, providing CalABLE account holders with more flexibility to meet their savings goals.

  • Lowering our annual account maintenance fee to $30, supporting participation in our investment portfolios.

  • Expanding our customer service center hours to 6 AM to 5 PM PST, opening the door for more people to get their questions answered.

  • And adding the ability to direct deposit Social Security payments into a CalABLE account, fulfilling one of the most popular requests from our account holders.

CalABLE is dedicated to making CalABLE the best possible program. We have big goals for 2024 and beyond, and we know that Vestwell can help us get there.

December 18 will mark CalABLE’s five-year anniversary, and we’ve come a long way since the program opened. Looking ahead, where will we be in ten years?

We hope in the homes of all eligible Californians with disabilities.