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Novant Health UVA Health System Team Member Newsletter

Take advantage of the Virginia529 CollegeAmerica savings plan

Novant Health UVA Health System Culpeper Medical Center offers a Virginia529 CollegeAmerica® savings plan that allows team members to save for higher education expenses through a tax-advantaged account invested in American Funds. Higher education includes, but is not limited to, community colleges, undergraduate and graduate schools and technical schools.

Benefits of a Virginia529 Plan include:

  • Anyone can open a 529 savings plan.
  • You can create 529 accounts for more than one individual, i.e., multiple children, grandchildren and others.
  • Your initial investment can be as little as $25 per fund.
  • Contributions to the account can be made through payroll deduction.
  • Withdrawals for qualified expenses, i.e., tuition, text books, required equipment and supplies are free from federal taxes and in most cases, state taxes.
  • Account owner always controls the account and timing and amount of withdrawals.
  • You can use your 529 to pay for qualified education expenses at eligible educational institutions in any state.

If you are interested in learning more about our Virginia529 CollegeAmerica® savings plan, please make an appointment with financial adviser Steve Singer by calling 540-829-5010.

Posted on Thursday, September 28, 2017