The Washington Student Achievement Council has relaunched Washington State’s 529 college savings plan under the management of TIAA.
The WA529 Invest plan has $690 million assets under management, according to TIAA, the third-largest program manager of 529 college savings plans. The new plan is more accessible, affordable, and flexible for families saving for higher education.
WA529 Invest offers more investment options, including a socially responsible portfolio. Other improvements include elimination of the annual $30 account maintenance fee and reduction of asset-based fees. The Enrollment Year investment option has been simplified.
A new platform makes managing accounts easier. The READYSAVE 529 app lets users access their accounts anytime, and Ugift, an online gifting tool, lets account owners invite friends and family to contribute directly to their savings.
“We are excited to offer Washington families a more attractive and affordable way to save for their children’s college education,” WA529 director Lynda Ridgeway says in a news release. “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.”
“With the cost of higher education continuing to rise, one of the ways to unlock economic opportunity for families and students is to start a 529 account,” says Chris Lynch, President of TIAA Tuition Financing Inc., in the release. “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.”
Washington Education Savings Plans (WA529) offers two 529 college savings plans to state residents: the GET prepaid tuition program and WA529 Invest. Both offer tax-advantaged options to save for education and career training.
