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529 plan |
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529 Plan A plan that allows for the prepayment of qualified higher education expenses at eligible educational institutions. Also known as a "qualified tuition program." Notes: The prepayment may be in the form of a contribution to an account established specifically for paying higher educational expenses. There is no income restriction for individuals who want to contribute to a 529 plan however, because contributions cannot exceed the amount that sufficiently covers the expenses of the beneficiary's qualified higher education, individuals should take care not to over-fund the 529 plan.
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If a contribution to a 529 plan provides state income tax savings,
then the client receives an immediate return on investment equal to that
savings divided by the investment net of the state income tax savings. California's 529 plan is known as
ScholarShare and is administered by TIAA-CREF, one of the nation's
largest retirement systems. Joining Independent 529 Plan, the only 529 plan organized and run
by and for independent colleges and universities, is a significant and
complex decision because of the financial and operational ramifications. |
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