Education Savings on May 29


Chris Kennedy, with UESP, points out that while you can save any time with UESP, the 20 dollar bonus has to happen on May 29.


May 29 – “529 Day”
In support of “529 Day,” the Utah Educational Savings Plan will match contributions up to $20 for accounts opened with a new Utah resident account owner for a new beneficiary, both unique to UESP. To qualify for the matching contribution, new account applications must be received at the Utah Educational Savings Plan office by 5:00 p.m., MT, or online at www.uesp.org by midnight, MT, on Friday. May 29, 2009. If you have further questions, you can call them at 800.418.2551.

Background – The Utah Educational Savings Plan
• is the official 529 college savings plan sponsored by the state of Utah.
• is a non-profit, “direct-sold” 529 plan, which means individuals can set up an account and make contributions by contracting directly with UESP.
• now holds more than 139,000 accounts valued at more than $2 billion:
 – 24 percent of the accounts are owned by Utah residents
 – 20 percent of the accounts are owned by grandparents

Plan Features
• Utah’s 529 college savings plan makes it easy to save. There are no enrollment fees and no minimum contributions. You can contribute as much as you want, whenever you want.
• Utah residents receive a five percent tax credit for contributions up to $1,740 per beneficiary, if filing singly. For Utah residents who file a joint return, the five percent credit applies to a maximum contribution of $3,480, per beneficiary. The account must be established before the beneficiary’s 19th birthday to qualify for the credit.
• If funds are used for qualified higher education expenses, earnings from a Utah Educational Savings Plan account are tax-free, under both Utah and federal tax laws.
• Qualified higher education expenses include tuition, books, fees, supplies, room and board, computer expenses for 2009-2010, and items required for enrollment or attendance at an eligible institution.
• The money can be used at any college in the country where federal financial aid can be used.
• The account owner retains control of the assets regardless of the beneficiary’s age.
• There are no age restrictions to be a beneficiary and a beneficiary can have more than one account.
• The beneficiary can be changed at any time to another member of the beneficiary’s family.
• Account owners can choose from eleven different investment options, including five age-based and six static options.
• The investment option can be changed twice in calendar year 2009.


For more information, you can visit
www.uesp.org. If you have further questions, you can call them at 800.418.2551.

05/26/09 The terms Utah Educational Savings Plan and UESP are registered servicemarks.

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