Benefits of my529 - my529 (2024)

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What is a 529 plan?

529 plans are sponsored by states, state agencies, and educational institutions, and are authorized by Section 529 of the Internal Revenue Code.

The plans are designed to encourage saving for future education costs. Earnings in a 529 account grow deferred from federal and state taxes. Withdrawals are tax-free when used on qualified educational expenses.

Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty, as well as state and local income taxes.

my529 is a 529 plan established and sponsored by the State of Utah.

Choosing my529

You’re in control

my529 is direct-sold, which means you can open a my529 account on your own. A financial advisor isn’t necessary. Account owners control their accounts — not the beneficiary.

Open an account for free

No enrollment fee and no minimum contribution or balance is required. Enrollment is open year-round. If you’re ready, you can start now!

Anyone age 18 or older can open an account

You can open an account for anyone. You don’t need to be related to the beneficiary and Utah residency is not required. You can even open an account for yourself. There are no age, income, or residency restrictions for beneficiaries. Who Can Participate >

Tax advantages

529 plans feature federal tax benefits on earnings in an account, and withdrawals are tax free if used on qualified expenses. my529 also offers a credit for Utah taxpayer residents.
Tax Advantages >

Low fees

my529 has some of the lowest fees in the 529 industry.
my529’s fee structure >

Use of funds

You don’t have to live in Utah to own or be the beneficiary of a my529 account. Funds can be used at any eligible educational institution in the U.S. or abroad that participates in a federal student financial aid program; see complete list at fafsa.ed.gov.

Open an account

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“A low- and moderate-income child who has school savings of $1 to $499 … is about four times more likely to graduate from college.”

— Assets and Education Initiative. (2013). Building Expectations, Delivering Results: Asset-Based Financial Aid and the Future of Higher Education. In W. Elliott (Ed.), Biannual report on the assets and education field. Lawrence, KS: Assets and Education Initiative (AEDI).

$23

BILLION

$23 Billion in assets under our management.

548,000

ACCOUNTS

There are more than 548,000 accounts with my529

13

YEARS

my529 has earned Morningstar’s highest rating for the past 13 years.

We offer a range of investment options

my529 offers a variety of investment options. Each option utilizes a different investment strategy. You can also design your own investment option.

  • my529 offers predetermined Enrollment Date and Static investment options, featuring Vanguard funds, a PIMCO-managed stable value fund and FDIC-insured accounts.
  • Enrollment Date options take into consideration the target year the account beneficiary will begin taking withdrawals to pay for qualified education expenses.
  • Over time, the options gradually shift to a more conservative investment allocation as the target enrollment year draws closer. There are 12 Enrollment Date options.
  • Ten Static options do not change asset allocations as your beneficiary ages. The allocation you choose stays the same, unless you request a change.
  • Two Customized options that you design to fit your needs—age-based or static.
  • You can change your investment option twice a year.

Program Description

Your investment, your way.

When you craft your own investment option, you can choose from among 20 Vanguard or 10 Dimensional funds to mix and match your personalized profile.

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Customized Investment:

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How account funds can be used

Withdrawals can be used only for the qualified higher education expenses of your beneficiary at any eligible educational institution in the United States or abroad that participates in federal student aid programs.

An eligible educational institution generally includes any accredited public or private college, university, or vocational school. Contact your school of interest to determine their eligibility. You can also find a complete list of institutions, updated quarterly, at the U.S. Department of Education federal student aid site.

my529 account owners may take tax-free withdrawals up to $10,000 annually from their account for K-12 tuition expenses at public, private, or religious schools.

Full qualified expense list

  • Benefits of my529
  • How to Save
  • Learn
  • Investment Options
  • For Financial Advisors
  • Program Description
  • FAQ
  • Careers
  • Privacy Policy
  • Contact Us
  • Investment Performance
  • Phone: 800.418.2551
  • Fax: 800.214.2956
  • Email: info@my529.org

Find us on social media:

Important Legal Notice

Investing is an important decision. The investments in your account may vary with market conditions and could lose value. Carefully read the Program Description in its entirety for more information and consider all investment objectives, risks, charges and expenses before investing. For a copy of the Program Description, call 800.418.2551 or visit my529.org.

Account Value. Investments in my529 are not insured or guaranteed by my529, the Utah Board of Higher Education, the Utah Education Savings Board of Trustees, any other state or federal agency, or any third party. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-Insured investment option. In addition, my529 offers investment options that are partially insured for the portion of the respective investment option that that includes FDIC-insured accounts as an underlying investments. Units in my529 have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

FDIC insurance is subject to limits set by federal law. Click here for more information about FDIC Insurance.

Non-Utah Taxpayers and Residents. The state in which you or your beneficiary pay taxes or live may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.

Consult an advisor. my529 does not provide legal, financial, investment, or tax advice, and the information provided on this website does not contain advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation.

Morningstar rating. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its analyst ratings to be guarantees. Please visit Morningstar.com for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.

my529 does not pay commissions, loads or sales charges to financial advisors nor does it endorse financial advisors.

Information on this website is believed to be accurate when posted and is qualified in its entirety by the Program Description.

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Benefits of my529 - my529 (2024)

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