Assets Under Management At my529 Hit $14 Billion Mark
Salt Lake City—my529, Utah’s educational savings plan, announced that its assets under management topped $14 billion, up nearly 8 percent since September 2018, when the plan’s assets passed $13 billion. my529 is the third-largest direct-sold 529 plan in the nation.
“Account owners in Utah and across the United States recognize the value of investing for education expenses with my529,” said Lynne Ward, my529 executive director. “The strength and flexibility of our investment options, along with our low fees and tax advantages, make the plan an attractive investment vehicle for families.”
Investment research firm Morningstar Inc. has awarded my529 its Analyst Rating™ of Gold for eight straight years through 2018. Utah’s plan was one of only four 529 plans nationwide in 2018 to earn Morningstar’s top honor last October for its robust investment options, low fees, and plan management.
A my529 account provides significant tax benefits to facilitate saving for higher education expenses.
• Earnings accumulate tax-free
• Money used to pay for qualified higher education expenses—such as tuition, fees, books, supplies, computers, and even certain room and board costs—are exempt from federal and Utah state income taxes
• Funds can be used at any eligible educational institution in the United States or abroad that is qualified to participate in federal student aid programs, not just schools in Utah
• Utah taxpayers may qualify for a Utah state income tax credit or deduction for account contributions, up to certain limits, per qualified beneficiary
my529, Utah’s official nonprofit 529 educational savings plan, is highly rated by Morningstar Inc.
Accounts are free to open, and my529 requires no minimum deposit or account balance. my529’s user-friendly website, my529.org, makes it easy to open, manage, and contribute to an account online.
To learn more, visit my529.org, call toll-free at 800.418.2551, or email email@example.com.