SearchThursday, March 8th, CalABLE released a statement that new setbacks have caused another delay in the launch of the program. The full statement is below.
CalABLE is a tax-advantaged savings program for people with disabilities. A CalABLE account allows anyone who became disabled before age 26 to save up to $15,000 a year without having that money count against the $2,000 asset limit for means-tested programs like SSI and Medicaid.
Dear Friends,
On March 5, 2018, The Nottingham Company Inc., CalABLE’s intended awardee of the contract to provide program management services, formally notified staff that the firm would be unable to continue in its role as program manager. The program manager has a broad range of administrative responsibilities that includes financial recordkeeping, marketing services, and investment management. We are exploring options to contract for a program manager. As such, the launch of the program will be delayed beyond the spring of 2018.
While it is premature to estimate just how long this delay may be, please be aware that our number one priority is launching a fully sustainable CalABLE program as quickly as possible for the benefit of individuals with disabilities and their families, both in California and across the nation. California has some of the greatest protections in place for consumers and their assets. While these protections may result in added challenges in procuring services for the state, they also result in a higher standard of care for those who invest and save here. As disappointing as we know this delay will be, I assure you that the end result will be a better CalABLE!
I fully recognize that this announcement is both frustrating and disappointing. I encourage you to contact me if you have additional questions, thoughts, or concerns as we continue to work to launch CalABLE.
Sincerely,
Dante Q. Allen
Executive Director, CalABLE Act Board