CalABLE Board taps PCA as first consultant for new ABLE plan

CalABLE Board, Sacramento, hired Pension Consulting Alliance as the first investment consultant for the state's Achieving a Better Life Experience plan, said Christina Elliott, board executive director, in an email.

The board issued an RFP in February. The CalABLE plan is a tax-free savings account for people with disabilities created by the California Legislature in 2015 and is modeled on 529 plans. The plan is scheduled to launch in the third quarter of 2017.

PCA, which will advise the board on an ongoing basis, will begin by assisting in the development of an investment policy and assisting with a review of RFPs for a program manager for the plan. Program manager proposals were due April 11, and a decision is expected in May.

Ms. Elliott did not say whether there were other finalists.