On April 24, the Greater Albuquerque Chamber of Commerce Board of Directors also heard from Carolyn Fittipaldi, New Mexico Education Trust Board marketing director.
The New Mexico Education Trust Board’s mission is to make a variety of education options more attainable for families by offering flexible, low-cost, tax-efficient ways to save for the costs of future education.
Fittipaldi said the New Mexico Education Trust Board is the governing body for New Mexico’s 529 education savings program.
“It does not receive state general funds and acts as a fiduciary of the Education Trust,” she said.
Fittipaldi said the 529 Plan is the section of the IRS code that authorizes tax-advantaged college savings plans. In 1996, a bipartisan effort to provide federal tax relief for all college savings plans resulted in the creation of Section 529. She said it is a tax-advantaged way to save for future education expenses and reduce student loan debt.
“Money in a 529 plan account is professionally managed and may benefit from the power of compounded growth,” she said. “As of March 31, there are 31,562 total accounts in New Mexico, with $723.9 million in total assets.”
More information can be found at theeducationplan.com.