DES MOINES, IA (12/27/2011)(readMedia)-- Iowa State Treasurer Michael L. Fitzgerald was elected by his peers to serve as the new Chair of the College Savings Plans Network (CSPN). "It is an honor to accept the position as CSPN Chair," said Fitzgerald, who is also the administrator of College Savings Iowa and the Iowa Advisor 529 Plan. "As Chair, I will work to preserve the federal tax exemption on 529 plans. Billions of dollars are invested in these plans nationally and CSPN is the primary voice for families saving for college."
CSPN, a non-profit association that advocates for 529 college savings plans, provides a great online resource for families as they determine the best way to save for college. Affiliated with the National Association of State Treasurer's (NAST), CSPN brings together state administrators of 529 savings and prepaid plans as well as their private sector partners and is dedicated to framing national policy affecting 529 plans. Fitzgerald will begin his leadership role on January 1, 2012.
Treasurer Fitzgerald has been the administrator of College Savings Iowa, Iowa's 529 plan, since 1998. "With over $2 billion invested in College Savings Iowa, we're very proud of our program," stated Fitzgerald. "We've continually received high marks from organizations rating 529 plans across the nation, including savingforcollege.com and Morningstar."
529 plans are a convenient tax-advantaged way for families to save money for their children's future higher education expenses. It usually takes as little as $15 to $25 per month to start a plan, and anyone - parents, grandparents, friends and relatives - can invest in state-sponsored 529 plans on behalf of a child. Investors can withdraw their investment federally tax-free to pay for qualified higher education expenses including tuition, books, supplies and certain room and board costs at any eligible college, university, community college or accredited technical training school in the United States or abroad.