California state treasurer John Chiang is joining both state and local leaders Wednesday to launch CalABLE, a new state program that will allow individuals with disabilities to open tax-advantaged savings and investment accounts.
Previously, public benefits for people with disabilities restricted savings to $2000 per year, but under the new CalABLE program, eligible individuals will be able to save $15,000 per year with a $529,000 account cap. The program will also allow participants to maintain benefits such as Medi-Cal and CalFresh; however, individuals who wish to remain eligible for social security income benefits can only deposit up to $100,000 in an account.
Joining Chiang at the news conference are treasurer-elect and board of equalization member Fiona Ma; assembly member Jacqui Irwin; Los Angeles department on disability executive director Stephen David Simon; and Coelho Center executive director Katherine Perez. Also making an appearance are celebrities with disabilities RJ Mitte (“Breaking Bad”), Danny Woodburn (“Seinfeld” and “Bold & The Beautiful“) and Robert David Hall (“CSI: Crime Scene Investigation”), as well as other members of the disability community who plan on joining the program.
Chiang is set to launch CalABLE at 10:30 a.m. at the Coelho Center for disability law, policy and innovation at Loyola’s downtown law school campus.