Rules Loosen for 529 Plan Investment Changes
The year 2008 will be remembered as a year of steep investment losses for hard-working Americans trying to save for retirement, college and financial peace-of-mind. But luckily the Treasury Department and the Internal Revenue Service are working to help out savers in 529 plans. A January 7, 2009 ruling by the Treasury Department and the IRS now allows 529 account owners to change their investment strategy twice in 2009 versus once per year as previously permitted. Although a change like this won’t bring back the money you lost in 2008, it gives you more flexibility to react to market changes. The ruling is currently only effective for 2009, but the College Savings Plan Network is working to make the change permanent.
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