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Utah Educational Savings Plan

Contributing to Your Account

How do I make contributions to UESP?

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Contributions can be made online, by check (in U.S. dollars only), through automated contributions from a checking or savings account (one-time or recurring), through special occasion contributions, or through payroll contributions with participating employers.

Checks should be made payable to UESP and must include the beneficiary’s name and UESP account number on the front. Mail contributions to UESP, PO Box 145100, Salt Lake City, UT 84114-5100.

Both account owners and non-account owners can use UESP’s Gift Notice feature to let the future scholars in their lives know of a contribution made in their behalf by presenting the beneficiary with the printable UESP Gift Notice.

 

Can I fund an account with UGMA/UTMA monies?

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You can fund a UESP account with monies from a Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTMA). However, you must liquidate assets in the UGMA/UTMA account to do so, as you cannot open a 529 account with securities or other investment instruments. Also, when you open the UESP account, it may only be used to fund a UESP UGMA/UTMA custodial account. This means that the beneficiary is the account owner, with a custodian (agent) acting on his or her behalf until he or she reaches the age of majority in the state in which the UGMA/UTMA was created. Additionally, the beneficiary cannot be changed on these accounts until the beneficiary reaches the age of majority and acts to do so, and funds can only be withdrawn for the benefit of the beneficiary.

Non-custodial monies may be contributed to an Individual account for the same beneficiary.

 

Can more than one person contribute to an account?

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Yes. Anyone can contribute to a UESP account, but only the account owner/agent can, regardless of who contributed to it, (1) control how assets are invested and used, (2) claim tax benefits related to the account, and (3) contribute online.

 

Is there a minimum contribution requirement?

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UESP has no minimum initial or ongoing contribution requirement.

 

Is there a maximum contribution limit?

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UESP will accept contributions until all UESP account balances for the same beneficiary reach $397,000. However, balances may exceed this amount as a result of market performance. This amount may be adjusted annually by UESP.

 

Is there a limit on how often I can contribute?

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You may contribute to an account as often or as seldom as you like.

 

How can family members contribute to my UESP account?

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Friends and family can make a check payable to UESP. Be sure to have them include the beneficiary's name and UESP account number on the front of the check.

They can also contribute with the UESP Gift Notice. The bottom portion of the Gift Notice is a certificate you can give to the beneficiary to let him or her know the contribution was made. Complete and send the top portion with the contribution to UESP.

 

Important Legal Notice:

You should read the Program Description and consider all investment objectives, risks, charges, and expenses before investing. The Program Description is available for download on the web or a hard copy can be mailed to you by requesting it online here.

FDIC Insurance. Except for the underlying investment specified below, investments in UESP are not insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance is provided for the FDIC-insured savings account held in trust by UESP at Zions First National Bank (Bank). Funds in the savings account are insured by the FDIC on a pass-through basis to each account owner up to the maximum amount set by federal law, which is $250,000. The amount of FDIC insurance provided to an account owner is based on the total of (1) the value of an account owner’s investment in the FDIC-insured savings account plus (2) the value of other accounts held (if any) at the Bank, as determined by the Bank and by FDIC regulations.

No Other Insurance and No Guarantees. Investments in UESP are neither insured nor guaranteed by the State of Utah, UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority, other state agencies, federal government agencies (except to the extent noted above regarding FDIC insurance), or any employees or directors of any such entities. Units in UESP have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

Account Value. The value of your UESP account may vary depending on market conditions and the performance of the investment option you select. It could be more or less than the amount you contribute; in short, your investment could lose value. However, subject to the application of Bank and FDIC rules and regulations to each account owner, funds in the FDIC-insured savings account will retain their value, whether in the FDIC-Insured Savings investment option or when allocated to portions of the Age-Based Aggressive Growth, Age-Based Growth, Age-Based Moderate, Age-Based Conservative, Customized Age-Based, or Customized Static investment options (if, in the customized investment options, the FDIC-insured savings account is selected as an underlying investment).

Non-Utah Taxpayers and Residents. You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.