Utah Educational Savings Plan it is updating its brand and changing its name to my529, effective February 5, 2018.
UESP, Utah’s official 529 plan, features tax advantages to make it easy to save for education. After 22 years of helping families across the country invest for college in a 529 plan, UESP determined there was a need for a more memorable name and brand that better represents the products and service it provides. The new moniker is designed to alleviate any confusion about where my529 account owners may use their funds for education expenses.
Why my529? The new name emphasizes that the organization is a 529 plan, an investment vehicle created by Congress specifically for educational savings.
Who can invest? Changing the name to my529 clarifies that neither the account owner nor beneficiary is required to be a Utah resident. Anyone can invest with my529.
“Although UESP has changed its name, my529 remains the same low-cost, flexible plan that has earned high national honors, including Morningstar’s top rating for seven years straight,” said Lynne Ward, executive director. “For current UESP account owners, account balance and investments are unchanged, as is the quality of service upon which the organization’s reputation is built.”
Study anywhere Rebranding to my529removes confusion about where beneficiaries can attend school using plan funds. Some prospective and existing account owners have thought that investing with Utah’s plan restricted a beneficiary’s college choice to Utah schools. 529 funds can be used at any eligible educational institution in the United States or abroad that accepts federal financial aid.
my529 tax advantagesTax benefits enhance 529 plan returns because any earnings accumulated while in a 529 account are not subject to federal and Utah state income taxes, so more money is available to pay for qualified higher education expenses.
When it is time for a beneficiary to attend college, account owners can make tax-free withdrawals for qualified higher education expenses. And now, account owners can use my529 funds for up to $10,000 in K-12 tuition expenses from all accounts per beneficiary (this includes UESP accounts and any other 529 savings accounts with other programs regardless of who owns the account).
Utah residents can earn a 5 percent tax credit in 2018 per qualified beneficiary for contributions up to certain limits.
“Our mission is focused on supporting our children’s future success,” said Ward. “Establishing a new name and brand that is memorable and represents who we are makes it that much easier to reach families. Supporting an educated workforce makes for stronger people and successful communities.”