SACRAMENTO, Calif. — Californians with disabilities would receive a new savings account with $250 in it, under a bill introduced by Sen. Josh Newman, D-Fullerton, and sponsored by California State Treasurer Fiona Ma.

SB 1362 would also authorize the California Achieving a Better Life Experience (CalABLE) board to make additional financial incentives available to people with disabilities.

“Giving CalABLE the ability to incentivize accounts brings it in line with other state-sponsored savings programs and positions it for continued growth,” Ma, who chairs CalABLE, said in a statement.

CalABLE is a saving and investment program, where participants can save for disability-related costs by putting money into tax-advantaged investments.

The program currently has more than 10,000 accounts, with approximately $127 million in assets, according to a statement from Ma’s office. Under SB 1362, that number could exponentially increase and put millions of residents on the path to financial security, according to Ma’s office.

“This bill will encourage and assist disabled Californians to open a CalABLE account as a first step toward ensuring their long-term financial security. By better ensuring the financial well-being of individuals with disabilities, we can create a more inclusive and prosperous California,” Newman said in a statement.

Funding for the bill is subject to legislative appropriation.

© 2024 The Sacramento Bee
Distributed by Tribune Content Agency, LLC

Read more stories like this one. Sign up for Disability Scoop's free email newsletter to get the latest developmental disability news sent straight to your inbox.