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With a play on the date May 29 — College Savings Day — Utah Educational Savings Plan managers are launching two promotions to remind Utahns about so-called 529 accounts.
Two Utah elementary schools received an award of $529 for new books and library materials from the college savings account agency, officials announced Tuesday.
Jackling Elementary in West Valley City and Northlake Elementary in Tooele were named the winners of a reading competition organized by the Savings Plan and Road to Success.
"The impact of reading cannot be underestimated," Road to Success Program Manager Megan Ware said in a prepared statement. "Literate children are our future leaders, scholars, and innovators."
And on Friday, May 29 or "529 Day " — a reference to the 529 plans that allow a person to set aside tax-advantaged funds for future college or university costs — the agency will match up to $25 invested in new savings accounts.
"National 529 College Savings Day is a perfect time to start investing for future qualified higher education expenses if you aren't already," UESP director Lynne Ward said in a prepared statement. "Even small contributions to a low-cost, flexible UESP account can go a long way toward making college affordable for families of all income levels."
To receive the matching funds, a new account and a minimum $25 contribution must be made by 11:59 pm on Friday with the promotional code "MAY29SAVE4COLLEGE" on account agreements.
Account withdrawals for qualified expenses, such as tuition and fees, books, supplies and some housing costs, are exempt from federal and state income taxes, and a 5 percent state tax credit can be claimed on contributions to Educational Savings Plan Accounts.
More information can be found at uesp.org.