Gov. Evers Proclaims 529 College Savings Plan Day in Wisconsin

MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced Gov. Tony Evers proclaimed May 29, 2025, as 529 College Savings Plan Day in Wisconsin. The proclamation coincides with National 529 Day and encourages students and families to explore how saving with a 529 college savings plan can support a wide range of higher education and career training goals.

“A well-educated and well-trained workforce is vital to Wisconsin’s future, and every student deserves the opportunity to pursue their goals—whether that’s college, technical training, or an apprenticeship,” said Gov. Evers. “National 529 Day highlights the importance of the Wisconsin 529 College Savings Program and the resources it provides to help families plan and save for education—empowering our students to reach their full potential.”

The Wisconsin 529 College Savings Program offers two savings plans – Edvest 529, a direct-sold plan, and Tomorrow’s Scholar, available through financial advisors and fee-only planners. Both offer competitive fees on a variety of investment portfolios, including target-date options that automatically adjust asset allocation over time to become more conservative as a student nears college enrollment. The program has helped transform the lives of hundreds of thousands of students and families across Wisconsin who have received its benefits, which include tax-deductible contributions and tax-deferred growth.

“Investing in higher education and technical training opens doors to broader career choices and boosts earning potential,” said DFI Secretary-designee Wendy K. Baumann. “On National 529 Day, we’re reminded that saving with a 529 college savings plan continues to be one of the smartest ways to prepare for future education costs, due to their valuable tax benefits, flexible usage, and meaningful impact they can have on a student’s future. Whether your student is just starting kindergarten or preparing for high school, saving even a little today can make a big difference tomorrow.”

To celebrate National 529 Day, the Wisconsin 529 College Savings Program is hosting a webinar, “Saving for College & Career Training with Edvest 529,” on May 29, 2025, from 11 a.m. to Noon Central Time via Microsoft Teams. The webinar will cover the basics of 529 college savings plans, the many benefits of saving with Edvest 529, and how saving for future education expenses today can help avoid an overreliance on student loans down the road. Register to attend or visit Edvest.com/events for more information on upcoming webinars this summer.

“National 529 Day is the perfect time for families to discover how a 529 college savings plan can help turn a student’s dreams into reality, whether that’s becoming a nurse, electrician, or graphic designer,” said DFI Office of Financial Capability Director Jessica Wetzel. “No matter what path a student chooses for their higher education or career training, starting to save early and making consistent, even modest, contributions to an account over time can really add up and open doors to opportunity down the road.”

Offered under Section 529 of the U.S. Internal Revenue Code, money saved in a 529 college savings plan can be used at any accredited public or private university, college, technical college, community college, or professional school nationwide and many abroad. Earnings in a 529 college savings plan grow tax-deferred and any distributions from the plan are free from state and federal taxes when used to pay for qualified education expenses, including tuition and fees, certain housing and food expenses, books, laptops, supplies, and more. Wisconsin taxpayers may also use funds saved to pay for apprenticeship programs registered and certified with the U.S. Secretary of Labor, pay down student loan debt ($10,000 lifetime limit per beneficiary), and pay for K-12 tuition at a public, private, or religious school ($10,000 annual limit per beneficiary).

Wisconsin employers interested in helping their employees save for a loved one’s college and career training expenses can become an Edvest At Work partner. This free workplace financial wellness program can be seamlessly added to a benefits package at no cost to employers and there is no reporting or contract required. Visit Edvest.com/employer to learn more, register for a webinar, and connect with an Edvest At Work consultant. Employers who contribute to an employee’s Edvest 529 or Tomorrow’s Scholar account may be able to claim a tax credit of up to $820 per employee.

For more information, visit DFI’s Wisconsin 529 College Savings Program webpage. To open an Edvest 529 account, visit Edvest.com. To work with a financial advisor to open and manage a Tomorrow’s Scholar account, visit 529wi.voya.com.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.