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Is it just me, or did you blink and 2024 was nearly over? With how busy we’ve been at the Treasurer’s Office, time seems to fly by. To recap, we…
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Increased the state tax deduction for our ABLE and 529 plans.
- Earned over $456 million in interest on the Pooled Money Fund for the State’s 2024 fiscal year, which runs from July to June.
- Paid Great Iowa Treasure Hunt’s 1,000,000 owner, Can Play, a check for their unclaimed money.
- Implemented flexibility for 529 account owners to transfer unused funds to a Roth IRA without federal or state penalty.
- Celebrated $10 million withdrawn from IAble® for individuals with disabilities pursuing financial freedom.
- Rebranded College Savings Iowa® to ISave 529™.
- Expanded the Linked Investments for Tomorrow (LIFT) program to include veterans in the list of small business owners eligible to participate.
But I’m not ready to open the next chapter quite yet – there’s still a lot to celebrate! In this newsletter, you’ll learn about IAble’s exciting Investment Option announcement, ISave 529’s latest giveaway and more. Enjoy!
Roby Smith
Iowa State Treasurer
3… 2… 1…! No, we’re not talking about the countdown to the New Year; we’re counting down to the day IAble’s newest Investment Option is released! The Money Market Option will be available December 13 and is designed to give money an opportunity to grow with lower market risk than the current Conservative Option.
This provides Account Owners with even more flexibility and more options to choose from when it comes to their savings goals!
IAble helps individuals with disabilities and their support system save money without jeopardizing their eligibility for Medicaid, Supplemental Security Income (SSI) and other asset-based programs. Money in an account can be spent on groceries, employment training, modification of a vehicle, personal support services and other Qualified Disability Expenses.
More good news!
If enrolled in e-delivery of statements, the Account Maintenance Fee was reduced from $33 to $31 ($7.75 quarterly). For Accounts not enrolled in e-delivery, the fee was reduced from $58 to $56 ($14 quarterly).
To learn more, visit IAble.gov and consult the Plan Disclosure Booklet.
No matter how unique their dreams are, ISave 529 wants to help get them there. That’s why ISave 529 is helping you make a child’s dreams become reality by giving away a $5,290 contribution this holiday season. Visit ISave529.com to register before the giveaway ends on Tuesday, December 31.
Why ISave 529? With the ability to use your funds for a variety of education paths (K-12, apprenticeships, trade schools, college, graduate school) and to save for any special child in your life, the question should really be, why not? Don’t forget about the tax-advantages, wide range of investment options for every level of investor and an impressive list of qualified withdrawals.
Make your gift extra special!
Give the gift of education this holiday season with a contribution to a new or existing ISave 529 account. Use our free gift certificate to make your gift extra special for the student in your life.
To learn more, visit ISave529.com and consult the Program Description.
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