As a program of the Salt Lake Chamber Foundation, Utah Community Builders spotlights one organization each month that’s making a meaningful difference in the community. The initiative supports the Foundation’s mission to engage Utah’s business community in addressing key issues that strengthen the state’s workforce.
Since its founding in 1996, my529 has helped families save for their children’s education, better preparing them for their future.
As Utah’s official college savings program, my529 gives families the ability to set aside money for future education expenses in a tax-advantaged way. In simple terms, it’s an investment account designed for college, vocational school, apprenticeships and other education programs.
“That’s the beauty of a 529 — it’s tax-free to use, as long as it’s for eligible education expenses,” shared Executive Director Mark Cain. “Our program covers all 50 states, so anybody in the United States can open a my529 account.”
With the highest industry rating for the past 15 years, my529 continues to help families across the country build stronger financial futures for their children.
But its impact goes beyond savings plans. Through partnerships, collaborations and outreach programs, my529 works to expand awareness of and access to higher education.
“We’ve partnered with various school districts to recognize communities and give younger students a stronger start in building college savings. We also run programs like an annual bookmark contest to encourage early engagement for kids of all ages,” Cain said.
Another example is the incentiFive program. Cain explained, “If families meet the $100 annual contribution requirement, my529 will award $100 in incentive contributions in years one through four, and a final $529 incentive contribution in year five — for a total of $929 from my529 over the five-year period. All together, that’s at least $1,429 in contributions to a child’s education savings account by the time they reach kindergarten.”
At its core, my529 is focused on helping parents invest in their children’s future. As Cain noted, “Businesses and community leaders can support this mission by learning about 529 plans and offering them in their employee benefit packages.”
To learn more about their programs and services, visit my529.org.
