Lincoln, Neb. (June 5, 2019) – Nebraska State Treasurer John Murante today announced the signing of Nebraska Legislative Bill 610, promoting Nebraskans’ access to higher education through innovative college savings incentives.

Lincoln, Neb. (June 5, 2019) – Nebraska State Treasurer John Murante today announced the signing of Nebraska Legislative Bill 610, promoting Nebraskans’ access to higher education through innovative college savings incentives.

 The legislation establishes the following programs:

• The Meadowlark Program: A NEST account will be opened for every baby born on or after January 1, 2020 who is a resident of Nebraska at the time of birth.   Beneficiaries under the age of 30 who pursue higher education within the state will have access to these funds for qualified higher education expenses. Funding will begin the year following the birth of the child and parents/guardians have the ability to opt out of the program.  
• The Employer Matching Contribution Incentive Program: This program provides incentive payments to employers who match their employee’s contribution into a NEST Program account. Beginning January 1, 2022, employers who partially or fully match employees’ contributions in the previous year, can apply for and receive an incentive payment of 25 percent of their matched contributions, up to $2,000 per employee per year. The program may award up to $250,000 in total incentives per year.
• The Low-Income Matching Scholarship Program: Beginning January 1, 2022, 200 percent of an account owner’s contribution to a NEST Program account will be matched if the beneficiary is part of a family with a household income at or below 200 percent of the federal poverty level, or 100 percent of contributions if the beneficiary’s household income is more than  200 percent but less than 250 percent of the federal poverty level, up to $1,000 per participant per year. The program may award up to $250,000 in total scholarships per year. Beneficiaries under the age of 30 who pursue higher education within the state will have access to the matched funds for qualified higher education expenses.

 “This legislation is a cornerstone of my platform as Treasurer. I am delighted to see it pass so early in my term, and heartened by the unanimous support it has received,” said Treasurer Murante. “Every Nebraskan with a dream of higher education deserves that opportunity, and this legislation helps future generations overcome the financial obstacles in their path. I will continue to dedicate my time and efforts to build upon this momentum and best serve the people of Nebraska.”

 Incentives and scholarship contributions for the Employer and Low-Income Matching Programs will be allocated from a private-public partnership with no funding from Nebraska’s taxpayers.

 “From the beginning NEST 529 has been a trailblazer in innovative college savings support, and this legislation underscores and magnifies the Treasurer’s and our collective mission even further,” said Deborah Goodkin, Managing Director, Savings Plans, First National Bank of Omaha. “We look forward to these great financial benefits for Nebraskans and all families who take advantage of the NEST 529 college savings program.”

 To read the full bill, visit  https://nebraskalegislature.gov/FloorDocs/106/PDF/Slip/LB610.pdf