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Washington state issues RFP for new 529 savings plan

(October 4, 2016) - The Washington Student Achievement Council (WSAC) has issued a request for proposal (RFP) for a program manager to the Washington College Savings Program. Deadline for proposals is Wednesday, November 30, 2016.

Washington currently offers the Guaranteed Education Tuition Program, a prepaid 529 plan. The plan is closed to new investors, though new legislation passed during the 2016 Legislative Session calls for the program to reopen by July 1, 2017.

This RFP is for a completely new, direct-sold 529 savings plan. The WSAC plans to award the contract and have the plan launched by June 30, 2017. The term of the new contract would run through June 29, 2027.

The RFP requires that the new program manager meet certain minimum requirements. There is a cap on proposed annual fees charged to account owners of 50bps for any investment option, the minimum contribution can be no higher than $25, and the plan must work seamlessly between the existing prepaid plan to allow rollovers in and out in an expedited fashion.

For more information, click here.

Massachusetts approves income tax deduction for 529 plan contributions

(August 22, 2016) - Residents of Massachusetts can deduct contributions to an in-state 529 college savings plan, up to $1,000 per individual or $2,000 per married couple filing jointly starting 2017.

Nebraska to host activities and events to celebrate launch of the Enable Savings Plan

(June 22, 2016) - The Enable Act, a tax-advantaged savings vehicle designed to help people with disabilities, is scheduled to launch June 30th. The state of Nebraska is sponsoring "Embrace Enable", eight days of activities and events, which include a Facebook photo contest and an official launch party at Omaha's Doorly Zoo and Aquarium.

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