California Achieving a Better Life Experience Act Board hired TIAA-CREF Tuition Financing to administer the state's new 529A plan for Californians with disabilities and their families, according to a news release and statement by Dante Allen, executive director.
Under TIAA's project plan, the program is tentatively scheduled to launch on Dec. 10. The selection was made by the board on Tuesday following an RFP released May 10. Under the plan, Californians with disabilities and their families will be able to save up to $15,000 a year, tax free, without jeopardizing federal and state assistance.
TIAA was selected to manage the new CalABLE program, based on the "firm's low costs, proposed investment portfolio that offered simple choices for enrollees with clear preferences, and the simplicity of its program for those new to such a savings program," according to a news release Wednesday by California Treasurer John Chiang, who sits on CalABLE's board. TIAA will partner with Intuition ABLE Solutions, a provider of record-keeping services for ABLE programs.