May 29, 2019: 529 Day

WHEREAS, the State of Michigan is committed to competing in the global economy and providing our children with the education and skills that will enable them to find success throughout their lives; and,

 

WHEREAS, Michigan has set a goal of having 60 percent of its adult population achieve a postsecondary education credential to ensure access to high-wage job opportunities; and,

 

WHEREAS, rising costs of higher education have exacerbated the challenges our residents face in ensuring their children’s access to postsecondary education; and,

 

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

 

WHEREAS, nearly four out of ten 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 to maintain access to postsecondary education for our children, and encouraging parents to save for their children’s education promotes the success of our economy and workers as a whole; and,

 

WHEREAS, government, at both the federal and state levels, needs to encourage savings and assist 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, such as a child or grandchild; and,

 

WHEREAS, a 529 plan is named after Section 529 of the Internal Revenue Code and administered by state agencies and organizations; and,

 

WHEREAS, Michigan has been providing a prepaid tuition 529 program through the Michigan Education Trust (MET) for 31 years; a direct-sold investment based 529 program through Michigan Education Savings Program (MESP) for 19 years; and a broker-sold, investment-based 529 plan through the MI 529 Advisor Plan (MAP) for 10 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, Gretchen Whitmer, Governor of Michigan, do hereby proclaim May 29, 2019, as 529 Day in Michigan.