The Virginia529 College Savings Plan, launched in 1996, has changed its name from Virginia529 to Invest529. As part of the rebranding, it will award one sweepstakes winner a 529 account deposit worth four years of in-state tuition.
“Our new name better reflects the full range of investing options we offer today, from education to disability to retirement,” said Mary Morris, CEO of Commonwealth Savers, which administers the state’s 529 plan.
Commonwealth Savers now manages three tax-advantaged savings programs: Invest529 for education expenses saving, ABLEnow for individuals with disabilities, and RetirePath Virginia — a retirement savings program for Virginia residents.
Anyone can enter the contest for the tuition prize. It is not limited to state residents. The prize is worth $62,000, the average in-state tuition at Virginia colleges and universities. To enter, participants must watch a video and fill out a form.
The deadline to enter is April 30.
Invest529 currently has more than $110.3 billion in assets under management in 3.1 million accounts. Its target date funds have 5-year returns between 7% and 12%.
Most 529 savings plans can be used for public or private college tuition nationwide and overseas, as well as graduate, vocational, private and religious K-12 schools, apprenticeships, and student loan repayment.
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