– Governor Pete Ricketts and Treasurer John Murante joined together to call attention to the importance of saving for a loved one’s future education by issuing a proclamation declaring May 29, 2022, as National 529 Day in Nebraska.
“The future of tomorrow is with our youth, and it’s clear that having a NEST 529 College Savings Plan can have a positive impact on their ability to reach their dreams. I am proud to declare May 29, 2022 as National 529 Day in Nebraska,” said Governor Pete Ricketts.
“Nebraska’s future is our youth, and we need to ensure that we are doing everything we can to help children soar,” said Treasurer Murante. “With 529 Day, we need to reinforce the importance of the future of our children and the tools available to help them accomplish their dreams. We are appreciative of Governor Ricketts bringing attention to this day. We hope parents and guardians will evaluate the opportunity to save money that their loved ones will need to reach their educational goals. Whether that’s a technical school, junior college, or university, a NEST 529 account can be a big step toward their dreams.”
College tuition and other costs associated with higher education continue to rise at, and above, the rate of inflation, making it imperative for families to start saving earlier and more consistently. That’s why it is in the best interest of the State of Nebraska to encourage and facilitate access to post-secondary education so that its citizens can more fully contribute to our businesses, organizations and communities. A NEST 529 plan is a tax-advantaged savings account for higher education expenses. Tax-advantaged savings include a Nebraska state tax deduction, tax-deferred growth, and tax-free qualified withdrawals.1 Account Owners in Nebraska are eligible for an annual state income tax deduction of up to $10,000 for NEST 529 contributions or $5,000 if married filing separately.2 NEST 529 College Savings Plans can be used for everything from four-year universities to two-year technical schools. Opening a NEST 529 account doesn’t require a minimum deposit to get started, and contributions can be managed online. NEST 529 plans give families the ability to start investing in their loved one’s future, so they can soar to their goals and become who they want to be as adults.
Launched in 2001, Nebraska’s 529 College Savings Plans have nearly 300,000 accounts with more than $6.3 billion in assets, as of April 30, 2022. Today, there are more than 96,000 NEST 529 accounts owned by Nebraska residents. Take 10 minutes to enroll in a plan that’s right for your loved one at NEST529.com.
The Nebraska State Treasurer serves as the Program Trustee. All investments, including the portfolio structure offered through the NEST 529 program, are vetted and approved by the
Nebraska Investment Council.
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About NEST 529
NEST 529 is a tax-advantaged 529 college savings plan and provides four plans to help make saving for college simple and affordable: NEST Direct College Savings Plan, NEST Advisor College Savings Plan, Bloomwell 529 Education Savings Plan, and State Farm 529 Savings Plan. The Nebraska State Treasurer serves as Program Trustee. Union Bank and Trust serves as Program Manager, and all investments are approved by the Nebraska Investment Council. Families nationwide are saving for college using Nebraska’s 529 College Savings Plans, which have close to 300,000 accounts. Visit NEST529.com and treasurer.nebraska.gov for more information.
About Union Bank and Trust
Founded in 1917 with over 50 years of family ownership, Union Bank and Trust offers complete banking, lending, investment, and trust services. The bank has 38 full-service and loan production offices in Nebraska and Kansas. It is the third largest privately owned bank in Nebraska, with bank assets of $6.6 billion and trust assets of $46.9 billion as of December 31, 2021. Voters have chosen Union Bank and Trust as Best Bank, Best Customer Service, Best Work Environment, and Best Financial Planner in Lincoln for eleven years running.
Important Legal Information
An investor should consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other important information is contained in the fund prospectuses and the NEST Direct College Savings Plan Program Disclosure Statement (issuer’s official statement), which should be read carefully before investing. You can lose money by investing in an Investment Option. Each of the Investment Options involves investment risks, which are described in the Program Disclosure Statement. An investor should consider, before investing, whether the investor’s or beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan. Investors should consult their tax advisor, attorney, and/or other advisor regarding their specific legal, investment, or tax situation.
1 Withdrawals used to pay for a beneficiary’s qualified higher education expenses are exempt from federal and Nebraska state income tax. Qualified higher education expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance; certain room and board expenses incurred by students who are enrolled at least half-time; the purchase of computer or peripheral equipment, computer software, or Internet access and related services, if used primarily by the beneficiary during any of the years the beneficiary is enrolled at an eligible educational institution; certain expenses for special needs services needed by a special needs beneficiary; and apprenticeship program expenses. However, earnings on all other types of withdrawals are generally subject to federal and Nebraska state income taxes and an additional 10% federal tax. In addition, Nebraska state income tax deductions may be subject to recapture in certain circumstances, such as rollovers to another state’s 529 plan or to an ABLE program not issued by the State of Nebraska; cancellation of a participation agreement; and making a non-qualified withdrawal (including a withdrawal used to pay K-12 tuition or make qualified education loan repayments). Please consult your tax professional about your particular situation.
2 Account owners may deduct for Nebraska income tax purposes contributions they make to their own account (and any other accounts they own in the Nebraska Educational Savings Plan Trust) up to an overall maximum of $10,000 ($5,000 if married, filing separately). Contributions in excess of $10,000 cannot be carried over to a future year. For a minor-owned or UGMA/UTMA 529 account, the minor is considered the account owner for Nebraska state income tax deduction purposes. The minor must file a Nebraska tax return for the year their contributions are made to be eligible for a tax deduction for their own contributions. In the case of a UGMA/UTMA 529 account, contributions by the parent/ guardian listed as the Custodian on the UGMA/UTMA Plan account are also eligible for a Nebraska state tax deduction.
NOT FDIC INSURED*| NO BANK GUARANTEE | MAY LOSE VALUE
(*Except the Bank Savings Static Investment Option Underlying Investment)
