Utah 529 College Savings Plan – Utah Educational Savings Plan (UESP)

Utah 529 College Savings Plan

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About: 529 plans are tax-advantaged savings vehicles designed to encourage individuals to begin to save for the future costs of higher education. The Utah Educational Savings Plan (UESP), a nonprofit trust fund, is the official and only 529 plan established and sponsored by the State of Utah. You do not have to be a Utah resident to participate in UESP. UESP is a direct-sold 529 plan, which means you can set up an account and make contributions by dealing directly with UESP.

Website: http://www.uesp.org/

Phone #: 1-800-418-2551

Investment Options: Four age-based investment options, with different underlying investments and risk levels, are offered.  A fifth, the Customized Age-Based investment option allows for a customized account asset allocation from as many as 22 underlying investments, and automatically reallocates to a new customized underlying investment allocation each time the beneficiary’s age qualifies for the next of seven possible age brackets. 

Eight static investment options are offered, a ninth, the Customized Static Option, allows for a customized mix of investments using as many as 27 underlying fund choices. Investments are managed by 16 Vanguard mutual funds, six Dimensional mutual funds, FDIC-insured accounts held in trust by UESP at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank, and the Utah Public Treasurers’ Investment Fund.

Tax Benefits: Contributions to the Utah 529 plan of up to $1,900 in 2016 per beneficiary by an individual, and up to $3,800 in 2016 per beneficiary by a married couple filing jointly, are eligible for a 5% credit against Utah income tax. The maximum credit in 2016 is $95 per beneficiary for single taxpayers and $190 per beneficiary for joint filers.

State Residency Requirements:  No state residency is required to participate in Utah 529 College Savings Plans.

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