For Immediate Release: May 20, 2024
Gov. Evers Proclaims 529 College Savings Plan Day
MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced Gov. Tony Evers proclaimed May 29, 2024, as 
529 College Savings Plan Day in Wisconsin. The proclamation aligns with National 529 Day and encourages students and families to learn how saving with a 529 college savings plan can help fund a variety of higher education and career training pathways.
“A well-educated and well-trained workforce is crucial to the future of our state, and everyone should have the tools available to them to help make college and career training possible,” said Gov. Evers. “Initiatives like National 529 Day shine a spotlight on the Wisconsin 529 College Savings Program and the work they do to help educate families across the state on the importance of developing a well-rounded college and career training savings strategy, and how saving with a Wisconsin 529 college savings plan can help them achieve their student’s dreams.”
The Wisconsin 529 College Savings Program offers two savings plans – Edvest 529, a direct-sold plan, and Tomorrow’s Scholar, available through financial advisors and fee-only planners – which are nationally recognized for affordable, easy, and effective ways to save for higher education. The program has helped transform the lives of tens of thousands of students and families across Wisconsin who have received its benefits, which include tax-deductible contributions and tax-deferred growth.
“A 529 college savings plan is one of the best ways to reduce the cost burden of higher education. Not only does a 529 plan provide tax benefits, it’s also an excellent way to show the importance of saving money for your loved ones,” said DFI Secretary Cheryll Olson-Collins. “As we recognize National 529 Day, we are reminded that saving for college is one of the most important steps we can take for the students in our lives, whether they are starting kindergarten, attending middle school or high school, or planning to start or go back to college,” Olson-Collins added.
Offered under Section 529 of the U.S. Internal Revenue Code, money saved in a 529 college savings plan can be used at any accredited public or private university, college, technical college, community college, or professional school nationwide and many abroad. Wisconsin taxpayers may also use funds saved to pay for apprenticeship programs registered and certified with the U.S. Secretary of Labor, pay down student loan debt ($10,000 lifetime limit per beneficiary), and pay for K-12 tuition expenses at a public, private, or religious school ($10,000 annual limit per beneficiary). Earnings in a 529 college savings plan grow tax-deferred and any distributions from the plan are free from state and federal taxes when used to pay for qualified education expenses, including tuition and fees, certain housing and food expenses, books, laptops, supplies, and more.
In celebration of 529 College Savings Plan Day, Edvest 529 is offering a $50 or $100 bonus deposit incentive to individuals who open a new Edvest 529 account between May 20 and May 31, 2024, at Edvest.com/summer24. To receive the $50 bonus deposit, an account must be opened during the offer time with a deposit of $250 (or more) with recurring contributions totaling $50 or more per month until November 30, 2024. To receive the $100 bonus deposit, an account must be opened during the offer time with a deposit of $500 (or more) with recurring contributions totaling $50 or more per month until November 30, 2024. Visit Edvest.com/summer24 for terms and conditions, and register for an upcoming webinar or schedule a one-on-one appointment with a college savings specialist at Edvest.com/appointments.
For more information, visit DFI’s Wisconsin 529 College Savings Program webpage. To open an Edvest 529 account, visit Edvest.com. To work with a financial advisor to open and manage a Tomorrow’s Scholar account, visit 529wi.voya.com.
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Media Contact Email: DFICommunications@dfi.wisconsin.gov