{"id":1347,"date":"2020-01-24T08:53:30","date_gmt":"2020-01-24T14:53:30","guid":{"rendered":"https:\/\/www.macalester.edu\/employment-services\/?page_id=1347"},"modified":"2022-09-29T09:04:49","modified_gmt":"2022-09-29T14:04:49","slug":"college-savings-plan","status":"publish","type":"page","link":"https:\/\/www.macalester.edu\/human-resources\/benefits\/college-savings-plan\/","title":{"rendered":"529 College Savings Plan"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Paying for college can be financially daunting.\u00a0 The 529 College Savings Plan is an easy way to help you save money to pay for college and graduate education costs.\u00a0 The plan is an individual investment account that offers tax incentives to save for higher education and training.<\/span><\/p>\n\n\n<accordion-container\n    tag=\"section\"\n    class=\"accordion-group block-container\"\n    >\t\n\t<div class=\"accordion-group__outer\">\n\t    \t    <ul class=\"accordion-group__list\">\n\t        \t            <li class=\"accordion-group__list-item\">\n\t                <accordion-container-header\n\t                    tag=\"h3\"\n\t                    class=\"accordion-group__item-heading\"\n\t                >\n\t                    <accordion-container-header-button\n\t                        class=\"accordion-group__heading-button\"\n\t                        controls=\"accordion-group-1\"\n\t                        id=\"accordion-group-heading-button-1\"\n\t                    >\n\t                        <span class=\"accordion-group__button-text\">529 Savings Plan Advantages<\/span>\n\t                        <span class=\"accordion-group__icon-wrap\">\n\t                        \t<svg aria-hidden=\"true\" class=\"base-symbol accordion-group__button-icon\" viewbox=\"0 0 12 12\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t\t    <use xlink:href=\"\/wp-content\/themes\/macalester-2020\/dist\/svgs\/symbol-plus-small.svg#icon\"\/>\n\t\t\t\t\t\t\t\t<\/svg>\n\t                        <\/span>\n\t                    <\/accordion-container-header-button>\n\t                <\/accordion-container-header>\n\t                <accordion-container-panel\n\t                    id=\"accordion-group-1\"\n\t                    class=\"accordion-group__item-panel\"\n\t                >\n\t                    <div class=\"accordion-group__item-panel-inner\">\n\t                        <p><ul id=\"block-a22dd74d-2863-4b6d-a27f-302546924ed7\" class=\"block-editor-rich-text__editable block-editor-block-list__block wp-block is-selected wp-block-list rich-text\" tabindex=\"0\" role=\"document\" contenteditable=\"true\" aria-multiline=\"true\" aria-label=\"Block: List\" data-block=\"a22dd74d-2863-4b6d-a27f-302546924ed7\" data-type=\"core\/list\" data-title=\"List\">\n<li>Tax-deferred growth on after-tax contributions<\/li>\n<li>Tax-Exempt qualified withdrawals<\/li>\n<li>No income limits<\/li>\n<li>High contribution limits<\/li>\n<li>In-state tax benefits for Minnesota<\/li>\n<li>Low minimum contribution amounts<\/li>\n<li>Funds may be used at any eligible educational institution &#8211; public or private college or university, trade or graduate school and programs, or graduate school<\/li>\n<li>Funds can be used for qualified expenses such as tuition, course books, fees, room and board, internet, technology, etc.<\/li>\n<\/ul><\/p>\n\t                    <\/div>\n\t                <\/accordion-container-panel>\n\t            <\/li>\n\t        \t            <li class=\"accordion-group__list-item\">\n\t                <accordion-container-header\n\t                    tag=\"h3\"\n\t                    class=\"accordion-group__item-heading\"\n\t                >\n\t                    <accordion-container-header-button\n\t                        class=\"accordion-group__heading-button\"\n\t                        controls=\"accordion-group-2\"\n\t                        id=\"accordion-group-heading-button-2\"\n\t                    >\n\t                        <span class=\"accordion-group__button-text\">Minnesota 529 Savings Plan Options<\/span>\n\t                        <span class=\"accordion-group__icon-wrap\">\n\t                        \t<svg aria-hidden=\"true\" class=\"base-symbol accordion-group__button-icon\" viewbox=\"0 0 12 12\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t\t    <use xlink:href=\"\/wp-content\/themes\/macalester-2020\/dist\/svgs\/symbol-plus-small.svg#icon\"\/>\n\t\t\t\t\t\t\t\t<\/svg>\n\t                        <\/span>\n\t                    <\/accordion-container-header-button>\n\t                <\/accordion-container-header>\n\t                <accordion-container-panel\n\t                    id=\"accordion-group-2\"\n\t                    class=\"accordion-group__item-panel\"\n\t                >\n\t                    <div class=\"accordion-group__item-panel-inner\">\n\t                        <p><p><!-- wp:paragraph --><\/p>\n<p>You can establish an account for a designated beneficiary and determine an ongoing contribution\u00a0 amount. After-tax contributions will then be deposited in the 529 College Savings Plan account regularly through an automatic deduction from your bank account. As long as the money withdrawn from the 529 College Savings Plan account is used for qualified education expenses, you will owe no state or federal taxes on the investment earnings in the 529 College Savings Plan account.<\/p>\n<p><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p>The Minnesota College Savings Plan is managed by TIAA. You can open an account by check, through the automatic contribution plan, by electronic funds transfer (including electronic purchase option), or through a transfer of funds between accounts or a rollover. The minimum initial contribution is $25, with at least $25 to each investment option chosen. ÈÕº«¾«Æ· the <a class=\"external\" href=\"https:\/\/www.mnsaves.org\/open\/\">Minnesota 529 Plan website<\/a>\u00a0 or call 1-877-338-4646 for more information.<\/p>\n<p><!-- \/wp:paragraph --><\/p><\/p>\n\t                    <\/div>\n\t                <\/accordion-container-panel>\n\t            <\/li>\n\t        \t    <\/ul>\n\t<\/div>\n<\/accordion-container>\n\n\n<section class=\"link-group block-container\" >\n        <div class=\"link-group__featured-row\">\n        <div class=\"link-group__featured-inner\">\n            <div class=\"link-group__featured-inner-inner\">\n                <ul class=\"link-group__featured-link\">\n                                            <li class=\"link-group__link-item\">\n                            <a class=\"base-cta-featured\" href=\"https:\/\/www.mnsaves.org\/open\/\" target=\"_self\">\n\t\t\t\t\t\t\t    Minnesota 529 College Savings Plan\n\t\t\t\t\t\t\t    <svg aria-hidden=\"true\" class=\"base-symbol base-cta-featured__arrow\" viewbox=\"0 0 24 24\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t\t    <use xlink:href=\"\/wp-content\/themes\/macalester-2020\/dist\/svgs\/symbol-arrow.svg#icon\"\/>\n\t\t\t\t\t\t\t\t<\/svg>\n\t\t\t\t\t\t\t<\/a>\n                        <\/li>\n                                    <\/ul>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>Paying for college can be financially daunting.\u00a0 The 529 College Savings Plan is an easy way to help you save money to pay for college and graduate education costs.\u00a0 The plan is an individual investment account that offers tax incentives to save for higher education and training.<\/p>","protected":false},"author":153,"featured_media":0,"parent":2106,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1347","page","type-page","status-publish","hentry"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/pages\/1347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/users\/153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/comments?post=1347"}],"version-history":[{"count":6,"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/pages\/1347\/revisions"}],"predecessor-version":[{"id":2948,"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/pages\/1347\/revisions\/2948"}],"up":[{"embeddable":true,"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/pages\/2106"}],"wp:attachment":[{"href":"https:\/\/www.macalester.edu\/human-resources\/wp-json\/wp\/v2\/media?parent=1347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}