Corporate 529 College Savings Plans

These plans are designed to help parents save for their children’s college education.

They are named for Section 529 of the Internal Revenue Service Code, but they are created by states to let parents pre-pay college costs at an in-state university. These plans use a variety of investments and are regulated like municipal securities.

You can withdraw money from these plans to pay for qualified education expenses. In most states these expenses include tuition, dormitory fees, books and supplies. If you pay into one of these plans, you can choose the beneficiary, and benefits can be transferred between one family member and another.

In most states, you can withdraw the money if they aren’t used for educational expenses, but that money is subject to tax and penalty.

Virginia offers three plans: 1) Virginia Education Savings Trust (VEST); 2) an advisor-sold plan; and 3) Virginia Prepaid Education Program (VPEP).

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