New York 529 College Savings Program

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.

When you open a 529 account, you are the 529 account owner. You'll select investments, assign a beneficiary for the account, and determine how the money is used.

The beneficiary is the future student, or the person for whom you open the account. You can open an account for a child, grandchild, friend, or even yourself. The beneficiary must, however, be a U.S. citizen or resident alien with a valid Social Security Number or Individual Taxpayer Identification Number.

Please note that there may be other vehicles, including other 529 plans in other states, through which you may be able to save for a person's college education. You should carefully research your options, as some programs can affect assets considered for financial aid purposes.

For information on 529 plans and how to set up a New York 529 account, see the NY State 529 website. You may also speak to one of their education savings specialists by calling (877) 697-2837.

Once your 529 account is set up, they will provide you with the ABA# (routing number) and your account number. You can set up direct deposit deductions from your paycheck to be deposited into your 529 account by managing your direct deposit accounts in the Pay app in Workday.

This information is subject to change, so please refer to the NY State 529 website for current information.