Updates to CalABLE’s site and account platform will be happening this week. Here’s what you can expect from the changes and how it will impact you.
Vestwell is replacing Tuition Financial as the new plan manager for the CalABLE program. The plan manager is responsible for record keeping and administering the CalABLE program as outlined by congress. It is important for you to know that there are not any rule or regulation changes happening currently. The only change happening at this time is the shift in plan administrators.
Be aware that you will be losing access to the old platform starting Thursday the 17th after 1 PM and that the new platform managed by Vestwell will be going live Monday the 21st.
The change to Vestwell includes updates such as a new website and mobile app, more investment options, and new ways to access CalABLE, like direct deposit from Social Security.
How you can access your account
Be on the lookout for an email from CalABLE or Vestwell with a secure link to retrieve your account. It is believed that you will receive the email on Monday morning.
To verify your information, you will need two of the following pieces of information:
- Your current CalABLE 10-digit account number(Make sure to add “99” directly in front of your 10-digit account number)
- The account holder’s social security number or tax identification number
- The account holder’s date of birth
Once your information has been verified, you will be required to set a new password with your email as your username.
*Note: If you are an Authorized Legal Representative managing the account for someone else, you will use your SSN/TIN and DOB.
How this impacts your prepaid card
If you’ve been utilizing the US Bank prepaid card, you’ve likely already noticed it’s been turned off. Any remaining money on the card will be sent to you through the U.S. Postal Service in a check. Please be sure to cancel any automatic payments, such as to utilities, scheduled to happen after 7/20/2023. Moving forward, the CalABLE program will be using a TrueLink Visa card instead of US Bank’s prepaid card services.
Unfortunately, you will not automatically be receiving a replacement card. You will have to order a new card after logging into your online portal. Once inside the portal, you should find a hyperlink to request a new card. You can find some answers to frequently asked questions regarding the TrueLink Visa here.
Expect up to 2 weeks from the time you order the card to receive it in the mail. If you need it sooner, you will need to send in an expedite request.
How this impacts your investments
This transition will not have an impact on your investments, though the CalABLE website says you will have more investment options come available. It’s yet to be publicized what these new investment options will be.
Vestwell’s customer service will be made available starting Monday morning. If you have any questions or need help accessing your portal, You can reach them between Monday – Friday 6 am – 5 pm PST at 833-225-2253
*The foregoing content reflects the opinions of Van Hulzen Asset Management DBA "Van Hulzen Financial Advisors" and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.