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Rating:Four Fund Shops Stand to Gain From a State's 529 Boost Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 16, 2015

Four Fund Shops Stand to Gain From a State's 529 Boost

Reported by Kamaron Leach

Nevada's legislature is getting on the college savings plan bandwagon. Or at least they are pushing the state's employers to get on it. The state's governor -- Brian Sandoval -- has put his signature on a bill offering a new tax credit for employers that match their employees 529 plan contributions.

Senate Bill 412 gives a tax credit to employers who make a matching contribution to employees participating in a qualified 529 college savings plan. The bill will allow a 25 percent tax credit on match contributions up to $500 per employee.

The tax credit will be effective January 1, 2016.

Ascensus is the administrator to the three Nevada plans: SSgA Upromise 529 Plan[profile], USAA 529 College Savings Plan[profile] and the Vanguard 529 Savings Plan[profile].

Putnam Investments[profile] manages a fourth program for the state (the Putnam 529 for America).

Nevada state treasurer, Dan Schwartz, stated that this credit is another tool for "longer-term financial planning" and "we have seen how the 401(k) industry has dramatically improved the nation's retirement landscape."

State Senator Beck Harris (R-Nevada) calls this bill "a game changer." Harris co-sponsored the bill with Mark Lipparelli.  

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