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CalABLE Quarterly
January 2021
From the Director
As I reflect on CalABLE's storied history, I am proud of what has been achieved to help individuals with disabilities have power over their money.
On December 18, 2018, members of the California government, along with advocates for the disability community, launched the long-anticipated CalABLE program in Los Angeles, California at The Coelho Center at Loyola Law School. In its first year, 2,800 accounts were opened and more than $10 million invested across four investment portfolios. Just under two years later, we have over 5,000 accounts and more than $30 million in total assets under management (as of 12/31/2020).
As Executive Director of CalABLE, I am proud of what has been achieved to help members of our community become economically self-sufficient. We have worked hard to advance strategies benefitting the financial security of economically vulnerable people with disabilities—and made tremendous progress.
As we begin our third year, the CalABLE team will continue to challenge policymakers, regulators, community organization directors, and financial leaders to be part of a conversation that begins with the understanding that people with disabilities can do better when there is a shared commitment to equity and inclusion.
CalABLE Ambassadors live with a disability, care for a family member with a disability, or are passionate about spreading the word about CalABLE across California. Meet our Ambassadors.
Ambassadors know firsthand how important it is to promote financial health and resources that enrich their own life, as well as the community around them. The CalABLE Ambassadors are our way of equipping and empowering people to spread the word. Meet your ambassadors…
Armand Bujanda, Los Angeles County
Antonio Contreras, Alameda County
Gordon Fuller, Sonoma County
Miguel Lugo, Los Angeles County
Alan Reid, Marin County
Angelina Neglia, San Diego County
Sandra Smith, Sacramento County
Jenny Zegarra Huacachi, San Joaquin County
Opens a window where you may watch a video about CalABLE Ambassadors.
November 2019: Cleared $10 million in assets under management
May 2020: Cleared $20 million in assets under management
October 2020: Launched the CalABLE Ambassador program
I am proud to serve as Executive Director for CalABLE. Together with local community organizations and service providers, my team works to ensure every Californian with a disability is free to invest in a better life experience.
In addition to addressing comments received on the 2015 and 2019 proposed regulations, the final draft provides guidance on the gift and generation-skipping transfer tax consequences of contributions to an ABLE account, as well as on the federal income, gift, and estate tax consequences of distributions from, and changes in the designated beneficiary of, an ABLE account. The regulations also dictate that rollovers from 529 plans, together with any contributions made to the designated beneficiary's ABLE account, cannot exceed the annual ABLE contribution limit.
State Financial Operations and Technology Management During and Beyond COVID-19 Rapidly changing technology offers state treasuries radically new options to enhance and streamline their operations and COVID-19 has accelerated the need for these new options. Participants reviewed the use of technology and operations to meet day-to-day requirements and to modernize and improve services for stakeholders.
How Consumer Behavior Changed in Response to COVID-19 The economic impact of COVID-19 has dramatically changed personal finance behavior. Participants discussed what state treasury consumer finance programs (retirement security, college savings, disability savings, unclaimed property and economic empowerment) can do to meet these new demands.
State Finances in the Era of COVID-19 Participants discussed the status of state finances in 2020 and the impacts of COVID-19 on state budgets. Panel topics included analysis of federal stimulus efforts, updates on state budgets, liquidity and cash flow challenges, and state debt borrowing.
Building an Inclusive Society Panelists discussed structural and systemic barriers that limit opportunity for many Americans and strategies state treasuries might implement to build a more inclusive workforce.
From Traditionalists to Gen-Z: How can we understand and effectively work together? Panelists shared tools and tips for effectively working with all generations—whether working in the office or from home—and discussed strategies from treasurers about how they adapted their workplace during the pandemic.
As always, it was insightful for me to be a part of the NAST conference. With over seven hours of in-depth presentations from noted speakers, these events provided me the opportunity to interact with professionals from all levels of staffing in Treasury, as well as related offices and companies, on behalf of our community.
“…concentrate on things your disability doesn't prevent you doing well, and don't regret the things it interferes with. Don't be disabled in spirit as well as physically.”
