Kansas’ Learning Quest 529 earns national recognition
TOPEKA, Kan. (WIBW) - Kansas’ Learning Quest 529 Savings Plan has earned national recognition for its additional benefits.
Kansas State Treasurer Lynn Rogers says Kansas’ Learning Quest 529 Education Savings Plans have been given high ratings from SavingforCollege.com, one of the nation’s leading college-saving industry resources. He said the plan’s account growth has hit a record-high. Along with the ratings, he said additional improvements have been announced that concern the management fees and contribution limits to the plan.
According to Rogers, SavingforCollege.com provides research by looking at the performance of 529 plans from around the nation. He said the ratings are based on quarterly reviews of individual college savings plans. He said Kansas’ Learning Quest has been featured as one of the top-rated 529 plans with a resident rating of 5 caps for residents and 4.5 caps for non-residents.
“My office is focused on helping students achieve their dreams and building a strong future workforce while encouraging sound investments and affordable management plans,” said Kansas State Treasurer Lynn Rogers. “I am hopeful that young Kansans will grow up with the tools they need for a successful career, the freedom to own a home, and the ability to save for retirement right here in Kansas.”
According to SavingforCollege, a plan with a rating of 5 caps offers outstanding flexibility, attractive investments and additional economic benefits that can offer a huge boost in savings for some investors. It said there are few if any, weaknesses in these programs.
Additionally, Rogers said Learning Quest has announced an average portfolio fee decrease of .03% for the age-based and static portfolios and a contribution limit increase to $450,000 per beneficiary.
“These changes allow Kansas families to save more for less,” said Rogers. “Since taking office, we have prioritized the marketing and improvement of the 529 plans. Our efforts have resulted in a 35% increase in new accounts over last year.”
Rogers said Learning Quest 529 Savings Plans allow residents to open an account or be a beneficiary and there are no age or income limits. He said the funds can be used for 2-year, 4-year and technical school programs as well as registered apprenticeship programs. He said they can also be used for graduate programs and to pay off student loans.
According to Rogers, there is no minimum to open an account. He said any Kansas taxpayer who contributes to a Kansas 529 Plan account can claim a deduction of up to $3,000 in contributions, per beneficiary, per year from State taxable income. He said account owners pay no federal or state income taxes on the funds as they grow and withdrawals used for qualified education expenses are free from state and federal income taxes on earnings.
To learn more about Kansas’ Learning Quest 529 Savings Plan, click HERE.
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