Get a jump start- 529 college savings plan Published March 4, 2011 By Ryan Larsen Hilltop Times correspondent HILL AIR FORCE BASE, Utah -- As part of Military Saves Week classes on personal and family finance were offered at Hill including "Get a Jump Start: 529 College Savings Plans." The 529 college savings plans are for those wishing to save college money for their children. Associate Professor Joanne Roueche, Utah State University Cooperative Extension, assisted presenter Utah Educational Savings Plan (UESP) Outreach Officer Christi Scow. Among the basics presented at the program: Every state in the country has a 529 program except for Wyoming and Tennessee. These plans are tax-advantaged programs to help families save for their children's future higher education costs. Each plan is controlled by person who opens it and it doesn't have to be for a child or dependent. They can be set up for anyone, including nieces, nephews, grandchildren, spouses or even the neighborhood kid that mows the lawn. The UESP is Utah's only 529 college savings plan. The nonprofit program is administered by the Utah State Board of Regents and the Utah Higher Education Authority. According to Scow, the UESP plan has been touted as one of the best in the nation by CBS Money Watch.com and Money magazine. Civil Engineering Group Accountant Jay Fenton said he attended the class because he was interested in how he could better save the money he had already set aside for his 2-year-old son. He wanted to learn about 529 plans because current traditional savings plans are not earning enough and he wanted to be able to get a better return on the money. Fenton said of Military Saves Week and the courses offered, "There needs to be more programs and classes offered. I see a lot of young Airmen who don't have financial skills, and I wish they had more training available." Fenton has served in the Air Force for ten years, most of it at Hill, and says that these types of classes and programs would have been a great help to him when he was a young Airman. Among the features described by Scow of Utah's plan, the UESP allows for the account holder to have complete control of the account. You can list successors and the accounts can be changed at any time. For instance, if child "A" gets a full ride scholarship then the beneficiary of that account can be changed and the money can be put towards another child's college expenses. The child must be 18 and enrolled in an approved higher education course in order to use the money saved. There are several different investment options or methods of saving with the UESP plan and the plan can be built to suit the account owner's needs and comfort levels. The advantages of this program differ if you are not a resident of Utah and are also dependent on which state the child decides to attend college. The UESP plan has no minimum contribution and no income limits and anyone can contribute to the account. Earnings on the account are exempt from Utah state income tax if used for a qualified education program and there is also a Utah state income tax credit per beneficiary. Interested persons should speak with a UESP representative or contact a 529 savings account representative in the residing state. Scow stated that many financial institutions don't mention the UESP's plan to their members because it is nonprofit and does not make their institution any money. Sen. Airman Lori D'entremont attended the class because she is expecting her first child in April and said the course was, "very informative and I appreciated that the speaker didn't just read the slides. She presented concepts that I didn't know." For more information on Utah's 529 college savings plan visit www.uesp.org and contact a representative. Also for more information about Military Saves Week contact Joanne Roueche at joanne.roueche@usu.edu.