Utah makes changes in wake of 529 plan misappropriation
Other measures being taken include the installation of a new computer database system, a strengthening of internal controls, moving to a unit-based accounting system with daily valuation of accounts, and improved program disclosures. The program suspended all transactions for the month of January 2005 while implementing these changes.
The 529 plan will also see other changes made: the endowment fund is being eliminated and endowment fund earnings will be allocated to Option 1 accounts on March 31, 2005; the minimum contribution and balance requirements have been eliminated; and the maximum contribution limit has been increased to $315,000.