Washington State’s 529 College Savings Plan Relaunched with Enhanced Features
The Washington Student Achievement Council has announced the relaunch of Washington State’s 529 college savings plan, now being managed by TIAA, a prominent provider in the field of educational savings. This rebranding effort aims to offer families in the state more flexibility and affordability in their pursuit of higher education.
The newly restructured WA529 Invest plan currently boasts approximately 0 million in assets under management, marking a significant resource available for families aiming to fund educational costs. As the third-largest program manager of 529 college savings plans nationally, TIAA brings an extensive wealth of expertise and a commitment to improving the savings experience for users.
Key enhancements in the WA529 Invest plan include a broader array of investment options, with the introduction of a socially responsible portfolio, catering to the increasing demand among investors for ethical investment choices. Additionally, significant revisions have been made to the structure of account fees; the annual maintenance charge of has been eliminated, and asset-based fees have seen reductions, making participation in the plan more financially viable for families.
The user experience has also been markedly improved with the launch of a new digital platform designed for greater accessibility. The READYSAVE 529 app facilitates real-time account management, allowing users to monitor and manage their college savings conveniently. Furthermore, the Ugift feature enables account owners to invite friends and family members to directly contribute to their educational funds, thereby fostering a community approach to saving for college.
Lynda Ridgeway, WA529 director, expressed enthusiasm over the revamped savings plan, stating, “We are excited to offer Washington families a more attractive and affordable way to save for their children’s college education. With this transition to TIAA, a trusted partner, it will be easier for families and students to save more for educational expenses, helping to reduce the burden of future debt.”
Chris Lynch, President of TIAA Tuition Financing Inc., reinforced the importance of saving for higher education amid rising tuition costs, remarking, “This updated program is designed to empower more Washington families to plan, save, and pay for college expenses. We are proud to provide college savers with the best tools and resources they need to confidently prepare for one of the most exciting journeys of their lives.”
The Washington Education Savings Plans (WA529) includes two distinct options for state residents: the GET prepaid tuition program and the WA529 Invest plan, both of which offer tax-advantaged incentives for families saving for educational and vocational training expenses. As education costs continue to escalate, programs like WA529 Invest play a crucial role in enabling families to secure financial resources necessary for college, thereby promoting greater educational opportunity and economic advancement within the community.
