Wyoming to close its 529 plan, encourages rollovers to Colorado

Wyoming has announced plans to shutter its 529 college savings plan after failing to achieve sufficient assets. The College Achievement Plan was closed to new accounts this week, although existing participants will be permitted to add to their accounts until September 1, 2006.

Colorado has agreed to accept Wyoming residents into its 529 savings plan, CollegeInvest, on the same terms as Colorado residents. Essentially, this means lower costs for Wyoming participants. However, any participant in the Wyoming 529 plan has the ability to roll over to any other 529 plan without triggering federal income tax (certain conditions may apply).
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