By Hon. Kimberly Yee
Treasurer of Arizona
AZ529 Plan Administrator
Vice-Chair of CSPN Executive Board
With the arrival of September and the start of a new school year, we celebrate College Savings Month, a time dedicated to helping families plan and invest in their children’s future education.
In October 2020, I became the Administrator of the AZ529, Arizona’s Education Savings Plan. Since then, we have opened nearly 45,000 new accounts and increased assets by 45%. It has been my goal from day one to bring this wonderful savings plan to families who have never thought about college or higher education and to help them understand that these opportunities are for everyone.
As I travel around the state, I have enjoyed conversations with families who are opening their AZ529 Plans with new confidence as they begin the first steps to paving the path towards their child’s future, whether their education will be in a university setting, community college, vocational school, workforce development, or an apprenticeship program.
By expanding the statewide awareness of the AZ529 Plan, my office has developed online marketing and materials translated in both Spanish and Navajo. I visit senior citizen communities to talk about how grandparents can open AZ529 accounts for their grandchildren and receive the same tax benefits as other contributors to these accounts. Additionally, as I talk with young professionals who do not yet have their own families, I encourage them to open these accounts for their nieces or nephews, or even themselves as accounts can be used for ongoing education, including graduate degrees.
States' 529 Plans are more important than ever as college and higher education costs continue to rise. Student loan debt has reached an all-time record high of $1.75 trillion nationally. The funds from 529 Plans may be used for tuition and fees, books, supplies, room and board, and student internet access at post-secondary institutions. Funds are also applicable to qualified K-12 private school tuition and paying off student loans.
Recent additions by the federal SECURE 2.0 Act have addressed the common question asked by account holders, "What if I put too much into my 529 Plan and my child doesn't use it all?" Since January, 529 Plans allow account holders to transfer up to $35,000 towards a beneficiary's Roth IRA retirement account, tax and penalty free, with longstanding 15 year holders of these accounts. This is good news and creates the financial flexibility that families need.
Making these savings easy and accessible, and meeting families where they are, will make a difference in a child's education and enhance our future workforce. Recognizing College Savings Month is the perfect time to help encourage a family's financial wellness and create the foundation for prosperity and financial stability in our great states.
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