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The Education Plan Transition FAQs

In early December 2019, The Education Plan transitioned to a new program manager, Ascensus College Savings. The new plan offers additional investment options, new features and lower fees.

With every change comes questions, and account holders at The Education Plan had a few that were very common during the transition period. We are sharing the three most common ones widely so everyone can benefit from the answers.
 

Here are the top three questions and answers about your new account.

  • Q: How do I access my new account online?

    You will need to register for online access to your new account. In order to do this, you will need to have either your old account number or your new account number available. You can find your account number on any physical statement you have received from The Education Plan.

    Once you have your account number, you can register for online access here. If you can’t find either of your account numbers, give us a call at 1-877-337-5268 and we can help you set up your account online.

  • Q: What do I need to file my 2019 taxes?
    1. Since your account had two separate providers (Oppenheimer before the transition and Ascensus after the transition) during the 2019 tax year, you may need to reference two sets of forms in order to file your taxes. You can easily access all the information you will need by logging in to your account online.
    2. Once you are logged in, click on Statements, Contributions & Tax Forms on the left-hand side of the screen.
    3. To see your total contributions in 2019, you will need to reference your account statements. Use the dropdown menu to see all 2019 statements. You will need to review your closeout statement from Oppenheimer Funds to see contributions made before the transition on December 6, 2019. Reference your end-of-year statement to see contributions made from Dec. 7 – Dec. 31 2019.
    4. If you withdrew money to use for qualified expenses in 2019, you may receive two 1099 forms from us. You will receive one 1099 for withdrawals that occurred between Jan. 1, 2019 and Dec. 6, 2019. You will receive a separate 1099 for withdrawals that occurred between Dec. 7, 2019 and the end of the year. You can access your 1099s by selecting 2019 Tax Forms from the dropdown menu. They will also be sent to the mailing address we have on file for you.
  • Q: Do I need to update my payroll deductions?

    Yes. If you had automatic payroll deductions set up before the transition, you will need to reestablish these contributions for your new account. To do this online, follow these instructions:

  1. Log in to your account with The Education Plan.
  2. Navigate to the Payroll Direct Deposit section. The link can be found on the left-hand navigation bar once you are logged in.
  3. Click the Change Payroll Instruction button.
  4. Choose how much you would like to allocate to each beneficiary from your paycheck each pay period.
  5.  Click the Next button and review your allocations.
  6. If you want to make any changes, use the Previous button. If the allocations are correct, click the Submit button.
  7. Once you click submit, you will be taken to a confirmation page.
  8. Click the Get Form button. This will generate a pre-filled form.
  9. Print the form, complete it and submit it to your payroll office or use the information to enter into a self-service payroll tool. You must complete this step before your employer can direct money into your 529 account.
  10. Click the Done button.

You can also update your payroll deductions using the Payroll Direct Deposit paper form. You can find and print this form here.

Have a question we didn’t address here? You can reach our customer support team at 1-877-337-5268 Monday – Friday from 8 a.m. to 7 p.m.

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