SACRAMENTO – State Treasurer Fiona Ma has appointed Cassandra DiBenedetto as
new Executive Director of the ScholarShare Investment Board (SIB), which sets
investment policies and oversees all activities of ScholarShare, the state’s official 529
college investment plan.
As Executive Director, DiBenedetto will provide policy, program, and technical direction to the SIB for a program with nearly $16 billion in assets under management and nearly 440,000 accounts through June 30, 2024. She will oversee all interactions with ScholarShare’s third-party financial services provider and manage a staff team of approximately 15.
In addition to overseeing ScholarShare, the executive director also holds responsibility for the California Kids Investment and Development Savings Program, the largest Children’s Savings Account program in the nation, and the California Memorial Scholarship Program, which provides scholarships to dependents of California victims who died during the terrorist attacks on September 11, 2001.
DiBenedetto joins SIB after serving as Executive Director of the CalAccount Blue Ribbon Commission (CalAccount), which was created to explore the feasibility of creating a state-backed financial program to provide low-cost, zero-fee banking services to Californians. Under her leadership, she successfully started and steered the program to meet the legislative mandate of Assembly Bill 1171 on time. CalAccount is also chaired by Treasurer Ma.
“Cassandra has proven herself as a capable, diligent public servant,” said Ma, who serves as chair of SIB as State Treasurer. “ScholarShare and CalKIDS are critical programs in the treasurer’s office portfolio of savings programs for individuals, with the ability to change lives. Cassandra’s lived experience growing up generationally poor and unable to attend a major university as a high school graduate for financial reasons fuels her passion for ensuring that every child can have the opportunity to realize their dreams. Her background in public outreach, communications, and financial services makes her an excellent fit for the position and uniquely positioned to take these programs to the next level.”
Prior to joining CalAccount, DiBenedetto was Chief Engagement Officer at the California Department of Cannabis Control and served as Executive Operations Director at the California Department of Financial Protection and Innovation. During her career in state service, she has managed multimillion-dollar projects and successfully led teams large and small.
Di Benedetto holds a bachelor’s degree in political science and government from Sacramento State University. She will start in the Executive Director position on October 1.
ScholarShare enables Californians to save for college by putting money in tax-advantaged investments. After-tax contributions allow earnings to grow tax-deferred, and disbursements, when used for tuition and other qualified expenses, are federal and state tax-free. CalKIDS automatically offers newborns and eligible low-income public school children in California an initial seed deposit, along with other potential financial incentives, to help them save for college and career training.
To learn more about the SIB visit treasurer.ca.gov/scholarshare. To save with
ScholarShare, visit scholarshare529.com and CalKIDS at calkids.org.
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