There are two types of 529 plans—prepaid tuition plans and savings plans. Prepaid plans offer protection against rising tuition costs. Savings plans allow earnings to grow tax-deferred, and withdrawals are tax-free when used for qualified education expenses. Nearly every state offers at least one of these types of plans.
Multiple college savings options offer tax-advantaged ways to save. Taking advantage of these savings options might greatly affect how much you can accumulate for your child’s college education. In addition to the federal tax benefits of many college savings options, there may also be state tax benefits.
Firm Ordered to Pay $4.4 Million in Restitution to Approximately 2,400 Affected Customers
WASHINGTON—FINRA announced today that Transamerica Financial Advisors, Inc. (TFA) has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products - variable annuities, mutual
$2.7 Million in Restitution to Customers; Two Matters Resolved Through Settlements and 17 Matters Resolved Through Cautionary Actions, Resulting in Remediation to Customers and Correction of Supervisory Deficiencies
WASHINGTON—FINRA today announced initial results of its voluntary self-reporting 529 Plan Share Class Initiative (529 initiative), which include more than $2.7 million in restitution
February 20, 2019FINRA Chief Executive Officer Robert Cook was joined by Senior Vice President of Member Relations and Education Chip Jones and Executive Vice President of Enforcement Susan Schroeder to discuss FINRA's 529 plan share class initiative.Speakers:Robert Cook, FINRA President and Chief Executive OfficerChip Jones, Senior Vice President of Member Relations and EducationSusan
Whether you’re expecting your first child, are the parent of a newborn or are starting to think about conceiving or adopting, it’s never too soon to think about getting your financial house in order. Here are five steps to get you started.
The Achieving a Better Life Experience (ABLE) Act of 2014 provided Americans with disabilities the opportunity to save in a tax-deferred account as a supplement to their government benefits.
FINRA is providing these Frequently Asked Questions about its 529 Plan Share Class Initiative (the “Initiative”) in response to a number of inquiries it has received from firms and trade associations. In order to allow firms sufficient time to consider the additional information provided here and to provide firms more time to review their supervisory systems and procedures with respect to 529
Fines to be Waived for Firms Notifying FINRA by April 1; Initiative Stresses Restitution and Rapid Remediation
WASHINGTON – FINRA today announced via Regulatory Notice 19-04 a self-reporting initiative to promptly compensate harmed investors and promote firms’ compliance with the rules governing the recommendation of 529 savings plans. Under the 529 Plan Share Class Initiative (529 Initiative),
Mr. Chairman and Members of the Subcommittee: NASD would like to thank the committee for the invitation to submit this written statement for the record.
