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May 29, 2024: 529 Awareness Day

WHEREAS, the State of Michigan is committed to competing in the global economy and providing our young people with the education and skills that will help them thrive; and,

WHEREAS, rising costs of higher education have impeded the ability of Michiganders to help their children access a postsecondary education; and,

WHEREAS, savings can offset the amount of debt a student will need to incur 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 to expand access to postsecondary education and one way to do so is to encourage parents to save for their children’s education; and,

WHEREAS, government at the federal and state levels should encourage savings and assist parents, grandparents, friends, and businesses as they seek to support the education of their children, grandchildren, and community members; and, 

WHEREAS, a 529 plan is a tax-advantaged savings or investment plan designed to encourage saving for the future expense 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 37 years from the enactment of the statute; a direct-sold, investment-based 529 program through the Michigan Education Savings Program (MESP) for 24 years; and a broker-sold, investment-based 529 plan through the MI 529 Advisor Plan (MAP) for 15 years; and, 

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

NOW, THEREFORE, I, Gretchen Whitmer, governor of Michigan, do hereby proclaim May 29, 2024, as 529 Awareness Day in Michigan.