At its October public board meeting, the California Achieving Better Life Experiences Act Board approved Resolution No. 2022-03 in support of federal legislation known as the ABLE Age Adjustment Act (S. 331/H.R. 1219) which would expand eligibility for the California ABLE Act program (CalABLE). These bills would bolster ABLE eligibility by raising the age of onset of disability to 46. Under existing law, only individuals diagnosed with a disability before age 26 may open an ABLE account. If passed, the ABLE Age Adjustment Act would expand ABLE eligibility and the opportunity to build financial wellness to an estimated six million Americans, including one million disabled veterans.
“ABLE accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses,” said State Treasurer and CalABLE Board chair Fiona Ma. “Expanding the age of disability onset from 26 to 46 will help so many, including many veterans who may have become disabled in service to our country.”
With the approval of the resolution, the California ABLE Act Board “proclaims its support for the ABLE Age Adjustment Act and publicly declares that passage of the Act will significantly advance equality and independence for people with disabilities.” The Resolution also allows Executive Director, Dante Allen, to take additional action to promote passage of the ABLE Age Adjustment Act.
“CalABLE accounts are helping many Californians living with a disability to reach their financial goals,” said Dante Allen, Executive Director of CalABLE. “The position of support for the ABLE Age Adjustment Act, offered by the Board moves us that much closer to ensuring that the benefits of a CalABLE account are available to many more people, including those who become disabled later in life.
The Resolution comes at a critical moment with the hope that the ABLE Age Adjustment Act will pass by the end of the year. Individuals who would like to reach out to their own elected officials and encourage them to support passage of the ABLE Age Adjustment Act can find a sample letter here.