Governor Doug Ducey, in partnership with Arizona State Treasurer Kimberly Yee, today proclaimed October to be College Savings Month in Arizona. The Governor and the Treasurer this month are encouraging families to explore opportunities of AZ529, Arizona’s Education Savings Plan, which helps families save money for a future postsecondary education.
“Opportunities to save for college and other postsecondary endeavors are available for families across Arizona,” said Governor Ducey. “AZ529, Arizona’s Education Savings Plan, helps families put away money for future education expenses, like tuition and books, and ease any financial burden so students can reach their postsecondary goals. My thanks to Treasurer Yee for her work to support students and encourage families to explore their savings options.”
“Arizona families have options when it comes to saving for future education expenses, like college and vocational training,” said Treasurer Yee. “College Savings Month is a great opportunity to explore AZ529, Arizona’s Education Savings Plan, and prepare for the years ahead. Thank you to Governor Ducey for your support in helping families across the state learn about their savings choices.”
The AZ529 Plan allows families to use tax-advantaged investments to save money for future education expenses. The money can be used to pay for a variety of qualified expenses of students who attend traditional college or university, an accredited technical training school, or a United States Department of Labor approved apprenticeship program, including tuition, books, computers, and other necessary supplies. The program is Arizona’s version of the savings plans permitted under IRS code section 529.
Legislation establishing the AZ529 Plan passed in 1997 and the program launched in 1999. Governor Ducey this year signed S.B. 1528, transferring the plan to the Office of the Arizona State Treasurer as Program Administrator and the State Board of Investment as Program Trustee.
See the Governor’s proclamation HERE .
See the Treasurer Yee’s proclamation HERE.