Higher Ed Utah

Receive a $25 match when you open a Utah Educational Savings Plan account

Salt Lake City–In support of national 529 College Savings Day, the Utah Educational Savings Plan (UESP) will match a contribution of $25 for new UESP accounts opened online on either May 28 or May 29, 2010 (5/29). May 29 is the day designated to raise awareness and to educate families that saving for a higher education is one of the most important things you can do for the children in your life.

“529 Day is a great time to remind Utahns that achieving a higher education is essential to the success of an individual,” said William Sederburg, Commissioner of the Utah System of Higher Education. “Beginning to save for college expenses today will help more Utah children reach that goal.”

To qualify for the $25 matching contribution, the account owner and beneficiary must both be new to UESP and both must be Utah residents. The UESP account must be opened online only at uesp.org on either Friday, May 28 or Saturday, May 29, 2010 by 11:59 p.m. (MT). A minimum $25 contribution must be made when the UESP account is opened. Contributing to the account online is simple.

“A 529 college savings plan is a great way to start saving for tomorrow’s higher education expenses,” said Lynne Ward, Executive Director of the Utah Educational Savings Plan. “By offering this 529 Day $25 match, we hope that families will take advantage of 529 Day and begin their college planning today.”

About the Utah Educational Savings Plan

UESP, Utah’s official 529 college savings plan, manages more than $3.3 billion in assets. UESP is consistently ranked among the nation’s top 529 plans by Morningstar and is highly recommended by Money magazine and financial expert, Clark Howard. This high ranking can be attributed to UESP’s industry innovations, such as an FDIC-insured savings account, a customized allocation investment option and efforts to be the industry’s low-cost leader.

UESP requires no minimum deposits or balances to open an account, so families can save a little or a lot, according to their own schedules. With a user-friendly Web site, UESP makes it easy to open, manage and contribute to an account online at uesp.org. Earnings on UESP accounts grow tax deferred and are federal and Utah state tax free when used for qualified higher education expenses such as tuition, fees, certain room and board costs, and required books and supplies at any eligible educational institution that accepts federal financial aid, not just institutions in Utah. Utah taxpayers also receive a Utah state income tax credit for contributions to accounts each year.

For 2010, Utah taxpayers can claim a 5 percent tax credit on UESP contributions up to $1,710 per beneficiary for single filers ($3,420 per beneficiary for joint filers). To receive the credit, the beneficiary on the account must have been designated as such before age 19.

Established by the Utah State Legislature in 1996, UESP is a nonprofit administered and managed by the Utah State Board of Regents and the Utah Higher Education Assistance Authority. To learn more about the Utah Educational Savings Plan, call 800.418.2551 or visit uesp.org.

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Read the Program Description for more information and consider all risks, objectives and expenses before investing. Call 800.418.2551 for a copy of the Program Description or visit www.uesp.org.

Investments in UESP are not guaranteed by UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority (UHEAA) or any other state or federal agency. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured savings account. Please read the Program Description to learn about UESP’s FDIC-insured savings account. Your investment could lose value.

Non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.