Digital record-keeping platform Vestwell said Thursday that it's been chosen to administer the state of California’s ABLE program, CalABLE.
California will be the 20th state whose ABLE program Vestwell manages.
ABLE accounts, established by Congress in 2014 in the Achieving a Better Life Experience Act, provide tax-advantaged savings for people with disabilities, allowing them to accumulate funds in an account that won’t affect means-tested federal benefits.
The 2014 ABLE Act said an individual’s qualifying disability had to occur before the age of 26, but the SECURE 2.0 Act passed late last year extended that to age 46.
“With the recent passing of the ABLE Age Adjustment Act under SECURE 2.0, we expect significant growth of these savings programs, with another six million Americans with disabilities who are now eligible to save through the ABLE programs,” Aaron Schumm, founder and CEO of Vestwell, said in a statement. “We’re incredibly proud to support more Californians with access to these life-changing accounts.”
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