SUPPLEMENT NO. 1 DATED MAY 6, 2022 TOCALIFORNIA’S 529A QUALIFIED ABLE PROGRAMPROGRAM DISCLOSURE STATEMENT DATED DECEMBER 1, 2021This Supplement No.1 provides new and additional information beyond that containedin the December 1, 2021 Program Disclosure Statement and Participation Agreement(the “Disclosure Statement”) of California’s 529A Qualified ABLE Program. It should beretained and read in conjunction with the Disclosure Statement.I.GENERAL INFORMATIONEffective July 15, 2022, the CalABLE Visa Prepaid Card issued by MetaBank, N.A., willbe discontinued. New prepaid cards issued by U.S. Bank will be made available byparticipant request after the transition effective date.II.GENERAL INFORMATIONOn page 5 of the Disclosure Statement, under the CalABLE Summary section, thesubsection titled Prepaid Card is deleted in its entirety and replaced with the following:Prepaid Card The reloadable prepaid card offered by U.S. BankSolutions Premier Visa Card, for CalABLE. You candeposit funds from your CalABLE Account onto theprepaid card and then use the card to pay for QualifiedDisability Expenses.III.Makingwithdrawals –Using the CalABLEPrepaid Card onpage 42MAKING WITHDRAWALSOn page 42 of the Disclosure Statement, the section titled “Using the CalABLE PrepaidCard,” is deleted in its entirety and replaced with the following:“You have the option to request a reloadable prepaid card to use with your CalABLEAccount. You can request a prepaid card when opening an account or by logging into yourCalABLE account and clicking “Prepaid Card Request” on the “Prepaid Card” tab. You candeposit or “load” funds from your CalABLE Account onto your prepaid card and then use1 PageA41206:05/22CABL2205.XXP

the prepaid card to pay for Qualified Disability Expenses both online and in storeseverywhere Visa debit cards are accepted. To sign up for the U.S Bank Solutions PremierVisa Card, for CalABLE, you must have a valid CalABLE Account. The prepaid card is issuedby U.S. Bank (the “Issuing Bank”). If you sign up for the prepaid card, you will be requiredto agree to a privacy policy and a separate Cardholder Agreement (including all cardaccount related fees) with the Issuing Bank and could receive other documents related toyour prepaid card from time to time. You can load your prepaid card by requesting awithdrawal online from your CalABLE account. Your prepaid card is subject to daily andmonthly load card maximums set by the Issuing Bank. Any funds loaded onto yourCalABLE Card and not spent on Qualified Disability Expenses in the same calendar yearmay be subject to federal (and possible state and/or local) income tax, including theAdditional Federal Tax. Funds held on the prepaid card are FDIC insured. Please refer tothe Cardholder Agreement available on for additional detailson or after July 25, 2022 for additional details.2 Page

CALIFORNIA’S 529A QUALIFIED ABLE PROGRAMPROGRAM DISCLOSURE STATEMENTANDPARTICIPATION AGREEMENTDecember 1, 2021Established and Maintained by:The California Achieving a Better Life (ABLE) Act BoardProgram Manager:TIAA-CREF Tuition Financing, Inc.Interests in California’s 529A Qualified ABLE Program (CalABLE) are not guaranteed orinsured. You could lose money by investing in CalABLE. Investments in the FDIC-InsuredPortfolio are insured by the FDIC up to 250,000, subject to certain restrictions.Interests in CalABLE are not registered with or in any way approved by the Securitiesand Exchange Commission or by any state securities commission.A40367:12/21CABL2112.XXP

California 529A Qualified ABLE ProgramDisclosure Statement and ParticipationAgreementThis Program Disclosure Statement, includingthe Participation Agreement contained herein(the “Program Disclosure Statement”) containsimportant information to be considered beforemaking a decision to contribute to the California529A Qualified ABLE Program (“CalABLE”),including information about terms andconditions, risks, and fees and expenses. Itshould be read thoroughly and retained forfuture reference. No one is authorized toprovide information that is different from theinformation in this Program DisclosureStatement or any supplement or amendmenthereto. Account Owners should periodicallyassess and, if appropriate, adjust theirinvestment choices with their time horizon, risktolerance and investment objectives in mind.FDIC-Insured Portfolio are FDIC insured up to 250,000, subject to certain FDIC limits andrestrictions.Securities law considerationsInterests in CalABLE are considered municipalfund securities for federal securities lawpurposes. Interests in CalABLE have not beenregistered with the Securities and ExchangeCommission (the “SEC”) or with any statesecurities commission pursuant to exemptionsfrom registration available for securities issuedby a public instrumentality of a state. Neitherthe SEC nor any state securities commission hasreviewed this Program Disclosure Statement.This Program Disclosure Statement does notconstitute an offer to sell or the solicitation ofan offer to buy in any jurisdiction in which it isunlawful to offer or sell interests in CalABLE.Neither the SEC nor any state securitiescommission has approved or disapprovedinterests in CalABLE or passed on the adequacyof this Program Disclosure Statement. Anyrepresentation to the contrary is a criminaloffense.Accounts not insured or guaranteedOther than an investment in (or a portion of aninvestment in) the FDIC-Insured Portfolio,which is insured by the Federal DepositInsurance Corporation (the “FDIC”), subject tocertain limitations, no insurance or investmentguarantees are provided as part of CalABLE. Anaccount is not guaranteed by any person orentity, including but not limited to CalABLE, theCalifornia ABLE Program Trust (the “Trust”),the California ABLE Act Board (the “Board”),the state of California, CalABLE’s serviceproviders (including the Program Manager),any investment adviser associated with theunderlying funds or any service providerthereof, or any federal or state entity orperson, or any officials, directors, actors, affiliates, subsidiaries, orinstrumentalities of the foregoing.YourAccount may lose value. Investments in theTax and other advantages of home stateprogramsFor residents of states other than California, ifyour state sponsors an ABLE program, youshould consider, before investing, whetheryour home state offers any state tax or otherstate benefits such as grants or scholarships,fee waivers, and protection from creditors thatare only available for investments in thatstate's ABLE plan.If you are not a California taxpayer or resident,please consult your financial or tax advisor oryour home state’s ABLE program to learn moreabout how state-based benefits (or anylimitations) may apply to your specificcircumstances.i

Information in this Program DisclosureStatement is believed to be accurate as of thedate hereof and is subject to change withoutnotice.An Account in CalABLE should be used only tosave for Qualified Disability Expenses.Accounts in CalABLE are not intended for use,and should not be used by any taxpayer, for thepurpose of evading federal, state, or local taxesor tax penalties. Taxpayers should consult witha qualified advisor to seek tax advice based ontheir own particular circumstances.Investing is an important decision. Please readProgram Disclosure Statement in its entiretybefore making an investment decision.Links to third party websites such as the SocialSecurity Administration and the InternalRevenueServiceareprovidedforinformational purposes. Neither CalABLE norany other person or entity affiliated with, orperforming services for, the Trust make anyrepresentation as to the accuracy of theinformation contained on any third partywebsites. Website content and websiteaddresses are subject to change and brokenlinks.ii

TABLE OF CONTENTSCalABLE SUMMARY . 1FREQUENTLY ASKED QUESTIONS. 7FREQUENTLY USED TERMS . 11INTRODUCTION TO CalABLE . 13ELIGIBILITY REQUIREMENTS . 14Eligible Individual Requirement. . 14Social Security Disability Eligibility Certification. 14Certification Eligibility . 14Continuing Certification and Recertification . 15Other Beneficiary Requirements. 15CalABLE Not Responsible for Eligibility Determinations. 15OPENING AND MAINTAINING YOUR ACCOUNT . 15How to Open an Account . 15Who May Open an Account . 15Authorized Legal Representatives. 16One Account Rule. 17Changing the Beneficiary for an Account . 17Opening an Account. 17Initial Contribution . 18Investing Your Contribution(s) . 18Annual Maintenance Fee . 18Updating Account or Contact Information. 18Delivery of CalABLE Documents . 18Zero-Balance Account . 18Death of the Beneficiary. . 18Address Verification. 18MAKING CONTRIBUTIONS . 19Who May Contribute . 19Minimum Contribution Amounts. 19Annual Contribution Limit. 19Expanded Annual Contribution Limit . 19Excess Contributions . 20Special Rules Apply to Contributions Exceeding the Expanded Annual Contribution Limit . 21Non-Interest Bearing Account. 21Maximum Account Balance . 22How to Make Contributions. 22Incoming Rollovers. 23Crediting Contributions. 25iii

Year-End Contribution Deadlines. 26Quarterly Statements. 26CHOOSING YOUR INVESTMENT OPTIONS . 26Investment Options Summary. . 26Investing Your Contributions. 27Unit Values of the Investment Options. 27Transfers Between Investment Options. 28The Investment Options. 28The Target Risk Investment Options . 28Investment Objectives . 28Investment Strategies . 29Investment Risks . 30Explanation of the Investment Risks . 31FDIC-Insured Portfolio. 34Investment Objective. 35FDIC Insurance . 35Interest Rates. 35No TIAA Bank Withdrawal Rights . 35Investment Risks . 35Changes to Investment Options. 35PAST PERFORMANCE. 36FEES AND EXPENSES . 37Asset-Based Fees and Expenses . 37Annual Maintenance Fee. . 38Investment Cost Examples . 38Other Account Fees. 39MAKING WITHDRAWALS . 39In General. 39No Recontribution of Withdrawals . 40How to Request a Withdrawal . 40Processing Withdrawal Requests . 40Payment Methods. 40Types of Withdrawals. 40Qualified Withdrawals . 40Qualified Disability Expenses . 41Outgoing Rollovers. 41Using the CalABLE Prepaid Card. 42Non-Qualified Withdrawals. 43Form 1099-QA. 43iv

GOVERNMENT BENEFITS CONSIDERATIONS . 43In General. 43Supplemental Security Income . 43Medicaid/Medi-Cal . 46Supplemental Nutrition Assistance Program (“SNAP”) . 48U.S. Department of Housing and Urban Development . 48CALIFORNIA STATE AND LOCAL BENEFITS CONSIDERATIONS. 48Medical Assistance (Medi-Cal) . 48California State and Local Means-Tested Benefits . 49GENERAL TAX CONSIDERATIONS . 49In General. 49Tax Information is Subject to Change and Uncertainty. 49Tax Reports. . 50Tax Records . 50FEDERAL TAX TREATMENT . 50Qualified ABLE Program . 50Contributions . 50Excess Contributions . 50Earnings. 51Withdrawals. 51Change of Account Owner . 52Federal Gift Tax and GST Tax. 52Federal Estate Tax . 52Medicaid/Medi-Cal Recovery. 52Saver’s Credit . 53CALIFORNIA TAX TREATMENT . 53Tax Provisions Related to Contributions . 53Tax Provisions Related to Withdrawals. 53KEY RISKS OF INVESTING IN CalABLE . 53No Other Insurance or Investment Guarantees . 54Investment Risks . 54Potential Impact on Supplemental Security Income . 54Potential Impact on Medicaid/Medi-Cal Eligibility. 54Potential Impact on Other State Benefits . 54Tax Impact of Loss of Eligible Individual Status . 54Medicaid/Medi-Cal Recapture . 54Possible Changes to CalABLE. 55Limitation on Transferring Funds Between Investment Options . 55Legal and Program Restrictions. 55v

Qualified Disability Expenses May Exceed the Account Balance. 55No Creation of California Residency. 55Laws Governing ABLE Programs May Change . 55Cybersecurity Risk . 56Force Majeure. 56THE PROGRAM MANAGER . 57In General. 57Management Agreement. 57Other Compensation. 57Administrative Services. 57Custody Services . 57ADDITIONAL LEGAL AND ADMINISTRATIVE INFORMATION . 57Investment Guidelines . 57Program Procedures and Requirements . 58Availability of Financial Statements and Other Reports. 58Suitability . 58Federal Bankruptcy Exemption for Certain Contributions to Accounts . 58Abandoned and Unclaimed Accounts . 59Limitation on Pledges, Assignments, and Loans. 59Information Subject to Change . 59Important Reference Material . 59Conflicts . 59Appendix A – California 529A Qualified ABLE Savings Program Participation Agreement .A-1Appendix B – Privacy Policy . B-1vi

CalABLE SUMMARYThis section provides summary information about certain key features of CalABLE, but it is importantthat you read the entire Program Disclosure Statement for more detailed information. Special termsused in this section are defined in the “Frequently Used Terms” section or elsewhere in this ProgramDisclosure Statement. Additional information about CalABLE is available at or by calling833-225-2253, between 9 a.m. to 5 p.m. Pacific Time.CaliforniaAdministratorThe California ABLE Act BoardAdditionalInformationIntroduction toCalABLE on page13Program ManagerTIAA-CREF Tuition Financing, Inc., pursuant to anagreement that will terminate on August 31, 2023,unless earlier terminated or extended.The ProgramManager on page57Eligible IndividualCalABLE Accounts may be opened by or on behalf ofan Eligible Individual. An Eligible Individual is a personwho:(a) Is entitled to benefits based on blindness ordisability under Title II or XVI of the SocialSecurity Act (or whose entitlement under TitleXVI has been suspended solely due to excessincome or resources); or(b) Makes a disability certification meeting certainrequirements.In all cases, the blindness or disability must haveoccurred before age 26.An Eligible Individual may open an Account for himselfor herself. He or she must:(1) Be a U.S. citizen or an individual residing in theUnited States;(2) Be 18 years of age or older with the legalcapacity to contract;(3) Have a Social Security number or othertaxpayer identification number; and(4) Have a U.S. permanent address that is not a PostOffice Box.EligibilityRequirements onpage 14FeatureWho may Open anAccount for Himselfor HerselfDescriptionOpening andMaintaining YourAccount – WhoMay Open anAccount on page15z1 Page

FeatureDescriptionAn Authorized Legal Representative may open anWho may Open anAccount on Behalf of Account on behalf of an Eligible Individual. To be anAuthorized Legal Representative, you must:Another(1) Be a U.S. citizen or an individual residing in theUnited States;(2) Be 18 years of age or older with the legalcapacity to contract;(3) Have a Social Security number or othertaxpayer identification number;(4) Have a U.S. permanent address that is not aPost Office Box; and(5) Be either:a. A person selected by the EligibleIndividual;b. If the Eligible Person is unable toestablish his or her own ABLE account, aperson granted a legally enforceablepower of attorney to act on behalf of theEligible Individual with respect to theAccount; orc. If the Eligible Person is unable toestablish his or her own ABLE account,and (b) does not apply, the EligibleIndividual’s conservator or legalguardian, spouse, parent, sibling,grandparent or representative payeeappointed by the Social SecurityAdministration, in that order.AdditionalInformationOpening andMaintaining Yo

Interests in CalABLE are considered municipal fund securities for federal securities law purposes. Interests in CalABLE have not been registered with the Securities and Exchange Commission (the "SEC") or with any state securities commission pursuant to exemptions from registration available for securities issued