May 29, 2018: 529 Day

WHEREAS, Michigan is committed to competing in the global economy and providing our children with the education and skills that will enable them to compete successfully; and,

WHEREAS, rising costs of higher education have provided some challenges to the ability of our citizens to ensure their children’s access to postsecondary education; and,

WHEREAS, savings can offset the amount a student will need to borrow in order to finance their education; and,

WHEREAS, nearly 4 out of 10 parents of college-bound children are not putting money aside for their children’s postsecondary education; and,

WHEREAS, it is in the state’s interest that access to postsecondary education for our children be maintained and that encouraging parents to save for their children’s education promotes that public purpose; and,

WHEREAS, government, at both the federal and state levels, needs to encourage savings and assisting parents, grandparents, friends, and businesses, as they seek to support the education of children, grandchildren, and others in need of help to meet their higher education goals; and,

WHEREAS, a 529 plan is a tax-advantaged savings or investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations; and,

WHEREAS, Michigan has been providing a pre-paid tuition 529 plan through the Michigan Education Trust (MET) for 30 years and providing an investment savings 529 plan through Michigan Education Savings Program (MESP) for 18 years, and;

WHEREAS, on this day we encourage all Michigan residents to learn more about 529 plans available and to consider taking advantage of their benefits;

NOW, THEREFORE, I, Rick Snyder, governor of Michigan, do hereby proclaim May 29, 2018 as 529 Day in Michigan.