On April 24, the Greater Albuquerque Chamber of Commerce Board of Directors was briefed by Carolyn Fittipaldi, the marketing director of the New Mexico Education Trust Board. During the meeting, Fittipaldi elaborated on the details of the state's 529 education savings program.
The New Mexico Education Trust Board operates with the mission to make education more accessible by providing families with flexible, low-cost, and tax-efficient savings options for future education costs. Fittipaldi emphasized that the board, which governs New Mexico’s 529 plan, does not receive state general funds and serves as a fiduciary of the Education Trust.
"The 529 Plan is the section of the IRS code that authorizes tax-advantaged college savings plans," Fittipaldi explained. She highlighted the bipartisan efforts in 1996 that led to the creation of Section 529, allowing for federal tax relief on college savings. The plan provides a tax-advantaged method to save for future education expenses and aims to help reduce student loan debt.
According to Fittipaldi, "Money in a 529 plan account is professionally managed and may benefit from the power of compounded growth." She reported that as of March 31, New Mexico has 31,562 accounts with a total of $723.9 million in assets.
Those seeking more information are directed to visit theeducationplan.com.
