SIE: 3.10.2.1. Underwriters Of 529 Plans And ABLE Accounts Must Submit Descriptive Information To MSRB

Taken from our SIE Online Guide

3.10.2.1. Underwriters of 529 Plans and ABLE Accounts Must Submit Descriptive Information to MSRB

Underwriters of 529 college savings plans and ABLE accounts must report information about plans to the MSRB. Reports on descriptive information must be filed semiannually and performance data must be reported annually.

The investment option’s performance data must be reported for the most recent calendar year and compared against the performance of an appropriate benchmark.

A record of the filing must be kept for a minimum of six years. Underwriters of both direct-sold plans and advisor-sold plans must meet these requirements.

MSRB G-45

SUMMARY: 529 Plans—College Savings Plans
Qualified expenses	• Tuition, school fees, books, school supplies, school equipment, such as computers, and reasonable room and board expenses (for those students attending school at least half-time)
Contributions	• After-tax dollars, must be cash contribution
Contributors	• Adult, can be non-relative
Contribution limit	• Varies by state, but generally very high
Beneficiary	• Any age, may be transferred to another qualified beneficiary (family member of the original beneficiary) without tax consequences
Withdrawals	• Earnings are tax-free if used for educational expenses • Withdrawals of earnings for non-educational expenses will incur a 10% penalty • The penalty does not apply where a withdrawal is made because of the beneficiary’s (1) death, (2) disability, or (3)

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