University Business November/December 2019 - 8

SPONSORED WEB SEMINAR DIGEST

Understanding 529 Plans:
Equipping Students
and Parents for Success
How to provide convenient payment options

Pamela Wilkes
Senior Solutions Engineer
Transact

Karen Phillips
Director of the
Business Office
DePauw University (Ind.)

Pamela Wilkes: We are sharing
with you how we are integrating
with Ascensus to process 529
plans. Ascensus is one of our
great partners. They have over
4.3 million 529 accounts, holding
30% of the market. They provide
services for 19 states with 35
plans. Transact Payments powered
by Cashnet's integration with
Ascensus includes 13 states and
the District of Columbia, and
21 plans from various states,
with $102 billion in assets under
administration.
What is a 529 plan? The
program is designed to help meet
education costs. States generally
sponsor plans. Plans are flexible,
convenient and simple to use.
There are federal and state tax
advantages. They are professionally
managed investments, and the
plans include estate planning and
gift tax advantages.
There are two types of 529
plans: savings and prepaid.
Families can take advantage of
whichever best fits their needs.
There are federal and state
taxes to consider. Earnings are
tax-deferred; some states offer
tax credits and other benefits;

and qualified withdrawals for
education are tax-free.
The owner of the account can
be a parent, grandparent, relative
or friend. They control the funds.
They can change who receives the
funds, and there does not need to
be a family relationship.
What happens if the owner
has established an account for
someone and the person does
not attend college? The owner
can leave the money in case the
person changes their mind. Or,
the owner can give the funds to a
different person. However, if this
person is not a family member,
there may be some taxable events
to consider. The owner can also
make a nonqualified withdrawal
with some tax guidelines to
consider.
Almost two million new 529
accounts have been opened in the
past five years. High school and
college students account for 35%
of the increase.
Karen Phillips: We implemented
529 plans with Transact's Payment
powered by Cashnet in July
2016. And we actually began our
relationship with Cashnet back


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University Business November/December 2019

Table of Contents for the Digital Edition of University Business November/December 2019

University Business November/December 2019 - Cover1
University Business November/December 2019 - Cover2
University Business November/December 2019 - 1
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