For Immediate Release:
May 25, 2021
Honoring 25 Years of 529
The following editorial is attributed to Kansas State Treasurer Lynn Rogers:
As we safely gather to celebrate Memorial Day weekend and the start of summer, I would like to inspire us all to also celebrate the 29th of May, especially this year. Why the 29th of May?
Section 529 of the internal revenue code allows for tax advantaged educational savings program. In fact, this year marks 25 years since the bipartisan creation of this addition to tax code. Thusly, May 29th (5-29) has been renowned by Treasurer’s Offices nationwide and in the financial savings industry as National 529 Day, a day to encourage saving for education.
Over the past 40 years, the cost of higher education has been consistently increasing at two to three times the rate of inflation each year. Paying for that school or training is often the largest hinderance to further education. How can families prepare for an ever-increasing cost of education?
Thankfully, Learning Quest 529 Savings Plans administered by the Kansas State Treasurer’s Office provide a tax-advantaged savings opportunity for Kansas families. We currently oversee more than $9 billion in assets in more than 270,000 accounts.
As a father and a grandfather, I understand the importance of saving early and often. I also firmly believe in the value of a good education or quality training to prepare the future workforce. While saving for the entire cost of education may be daunting, every dollar saved is one more dollar that someone would not need to borrow, and that is a win for our economy and the employment pipeline into our state. That’s why I’ve made these accounts a priority and have increased new accounts by 35% since taking office in January.
Learning Quest 529 Savings Plans allow any U.S. citizen or resident to open an account or be beneficiary, and there are no age or income limitations. The funds can be used for two-year, four-year, and technical school programs as well as registered apprenticeship programs. They can also be used for graduate school programs and to pay student loans.
To celebrate and acknowledge National 529 Savings Plan Day on May 29, we have partnered with multiple children’s museums across Kansas. We’ll be holding events at Kansas Children’s Discovery Center in Topeka, Flint Hills Discovery Center in Manhattan, and Exploration Place in Wichita. At each location we will be giving away a $529 scholarship from Learning Quest to one randomly drawn winner.
To learn more about these events and Learning Quest 529 Savings Plans, please visit KansasCash.KS.gov.