The Utah Department of Workforce Services and the Utah State Treasurer’s Office have announced the launch of ABLE Utah, a tax-free savings program for individuals with disabilities receiving needs-based benefits.
Virginia College Savings Plan, Richmond, became the first program of its type to reach the milestone of $100 billion in assets. The program known as Virginia529 had $100.2 billion in assets as of June 30.The program consists of adviser-sold program CollegeAmerica, which is managed by Capital Group Cos. and had about $89.7 billion in assets as of June 30; direct-sold program Invest529 with $7.5 billion in assets; and the legacy prepaid tuition program Prepaid529 with $3 billion in assets, said CEO Mary Morris.Virginia529 was launched in 1996, and as the program marks its 25th anniversary, CEO Mary Morris said the $100 billion milestone is meaningful because it represents how much families have come to understand the value of education and funding for it, even during tough times like the pandemic.
Virginia’s tax-advantaged college savings plan for parents and their children has surpassed $100 billion in assets under management, making it the first 529 plan in the industry to reach that milestone.
