SMART529 plan reaches $3 billion in assets
West Virginia State Treasurer John Perdue announced today that SMART529, the state’s officially sanctioned college savings plan, has reached $3 billion in total assets under management. The mark represents a continuation of growth since the plan’s 2002 inception.
“Today is an exciting day,” Treasurer Perdue said. “I am proud of what my staff and I have accomplished over the years with the SMART529 college savings program. I continue to encourage parents and grandparents to take advantage of all SMART529 has to offer.”
Previous milestones included reaching the $1 billion mark in 2007 and $2 billion in 2014.
“I started the SMART529 program in 2002 because I wanted to give every child in West Virginia a chance to create a better future for themselves and for our state. Providing our children the means to get a solid education benefits us all in the long run,” Perdue said.
Last Tuesday (Dec. 29, 2020) Perdue held a Facebook Live event to announce the plan was on track to surpass the $3 billion mark (watch the Facebook Live HERE). During the live event, he also announced the upcoming 14th annual SMART529 “When I Grow Up” essay contest for elementary school students in the state.
Savingforcollege.com gives West Virginia’s SMART529 WV Direct plan a “5 Cap” rating for both in-state and out-of-state residents, which is its highest ranking. West Virginia residents hold about $670 million of the $3 billion invested. While SMART529 is based in West Virginia, residents from other states may also establish accounts.
SMART529, a program of the West Virginia State Treasurer’s Office, is West Virginia’s 529 tax-advantaged savings plan. It’s designed to encourage families to save for qualified higher education expenses, such as tuition, fees, room and board, equipment and supplies. SMART529 savings may be used at colleges, universities and trade schools around the nation. *It may also be used for K-12 tuition (up to $10,000 per student per year). For more information on West Virginia’s SMART529 plans, visit www.SMART529.com