May 29, 2022: 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 compete successfully; and,

WHEREAS, rising costs of higher education have challenged the ability of our residents 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, children of low and moderate income families that save for college are three times more likely to attend college and four times more likely to graduate than non-savers; 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 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 35 years from enactment of the statute; a direct-sold investment based 529 program through Michigan Education Savings Program (MESP) for 22 years; and a broker-sold, investment-based 529 plan through the MI 529 Advisor Plan (MAP) for 13 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, 2022, as 529 Day in Michigan.