PHOENIX — Governor Doug Ducey, in partnership with Arizona State Treasurer Kimberly Yee, today proclaimed October to be College Savings Month in Arizona. The Governor and the Treasurer this month are encouraging families to explore opportunities of AZ529, Arizona’s Education Savings Plan, which helps families save money for a future postsecondary education.
“Opportunities to save for college and other postsecondary endeavors are available for families across Arizona,” said Governor Ducey. “AZ529, Arizona’s Education Savings Plan, helps families put away money for future education expenses, like tuition and books, and ease any financial burden so students can reach their postsecondary goals. My thanks to Treasurer Yee for her work to support students and encourage families to explore their savings options.”
“Arizona families have options when it comes to saving for future education expenses, like college and vocational training,” said Treasurer Yee. “College Savings Month is a great opportunity to explore AZ529, Arizona’s Education Savings Plan, and prepare for the years ahead. Thank you to Governor Ducey for your support in helping families across the state learn about their savings choices.”
The AZ529 Plan allows families to use tax-advantaged investments to save money for future education expenses. The money can be used to pay for a variety of qualified expenses of students who attend traditional college or university, an accredited technical training school, or a United States Department of Labor approved apprenticeship program, including tuition, books, computers, and other necessary supplies. The program is Arizona’s version of the savings plans permitted under IRS code section 529.
Legislation establishing the AZ529 Plan passed in 1997 and the program launched in 1999. Governor Ducey this year signed S.B. 1528, transferring the plan to the Office of the Arizona State Treasurer as Program Administrator and the State Board of Investment as Program Trustee
See the Governor’s proclamation HERE and below.
See the Treasurer Yee’s proclamation HERE.
WHEREAS, building a well-trained, high-quality workforce is essential to the future of a 21st Century Arizona and its economy; and
WHEREAS, an ever-increasing number of professions and occupations, both in Arizona and nationally, require some form of post-high school credential or degree for entry; and
WHEREAS, the amount of total, post-high school student loan debt exceeds $1.67 trillion nationally, placing a long term financial burden on many graduates and hindering their ability to realize such goals as starting a family, purchasing a home or saving for retirement; and
WHEREAS, having families save money for their children's future education needs early on is an important financial step with lifelong rewards; and
WHEREAS, the State of Arizona has established AZ529, Arizona's Education Savings Plan, to provide families with tax-advantaged investment vehicles that enable them to save for their children's future education expenses; and
WHEREAS, AZ529 Plan monies can be used to pay for a variety of qualified expenses of students who attend traditional college or university, an accredited technical training school, or a United States Department of Labor approved apprenticeship program, including tuition, books, computers, and other necessary supplies; and
WHEREAS, in 2020, the Arizona Legislature passed, and Governor Douglas A. Ducey signed into law, Senate Bill 1528, transferring the AZ529 Plan to the Office of the Arizona State Treasurer as Program Administrator and the State Board of Investment as Program Trustee; and
WHEREAS, it is the goal of the Governor of Arizona and the Office of the Arizona State Treasurer to grow the AZ529 Plan and expand the opportunities that the program provides for Arizona families to access K-12 and post high school education for their children.
NOW, THEREFORE, I, Douglas A. Ducey, Governor of the State of Arizona, do hereby affirm October 2020 as 529 College Savings Month; and proclaim October 2020 as
COLLEGE SAVINGS MONTH
and encourage more families to explore and participate in the AZ529 Plan as part of planning for their own, their children's, and grandchildren's future.
IN WITNESS WHEREOF, I have hereunto set my hand and caused to be affixed the Great Seal of the State of Arizona
DONE at the Capitol in Phoenix on this twenty-ninth day of September in the year Two Thousand and Twenty and of the Independence of the United States of America the Two Hundred and Forty-Fifth.
SECRETARY OF STATE