Recent Federal News
MSRB Proposes Reporting Changes under Form G-45
The Municipal Securities Rulemaking Board (MSRB) has published a proposal to change reporting requirements for municipal fund securities under Form G-45. The proposal was published in the Federal Register on November 2, 2018 and public comments are due by November 23, 2018.The proposal seeks to clarify program management fees for 529 college savings plans and ABLE accounts, add information about the closing date for current investors in "closed" investment options in 529 plans and delete data elements concerning annualized three-year performance information.For more information, click here
President Trump signs Tax Cuts and Jobs Act into law
The GOP tax reform expands 529 plan benefits to allow qualified withdrawals for K-12 private school expenses. The new law also allows a person living with a disability to rollover a traditional 529 plan to an 529 ABLE account without tax consequences.
New bills announced that would enhance ABLE Act
A new package of bills intended to strengthen the Achieving a Better Life Experience (ABLE) Act were recently introduced. These include the ABLE to Work Act, which will allow working people with disabilities to save a portion of their income in a 529 ABLE account, the ABLE Financial Planning Act, which will allow rollovers from a 529 college savings account to an 529 ABLE account, and the ABLE Age Adjustment Act, which will raise the age limit for ABLE accounts from 26 to 46.