Meadowlark accounts will be opened with a $50 deposit
(LINCOLN, Neb., May 7, 2024) – Nebraska children born in 2023 will receive a one-time $50 seed contribution this spring to a Meadowlark savings account, as directed by the Meadowlark Act.
Families will receive a letter from the State Treasurer announcing their qualification for the Meadowlark Savings Pledge, a program designed to help children and families start saving for higher education. The starter contribution has the potential to grow over time. When it’s time to continue their education after high school, students can use the funds toward education expenses. In addition to Nebraska colleges and universities, funds can be used for technical, trade, and vocational schools.
Nebraska babies born in 2020, 2021, 2022, or 2023 are eligible to receive this one-time Meadowlark seed contribution. It is an automatic enrollment that does not require families to pay extra costs or complete any paperwork.
The Meadowlark Program is the beginning of a child’s educational savings journey, setting them up to soar. Close to 70,000 children have received Meadowlark contributions since its inception in 2020. It is important for families to start saving sooner rather than later, and Meadowlark, combined with a NEST 529 account, is an easy way to help loved ones take flight toward their dreams.
NEST 529 College Saving Plan
Meadowlark is an important beginning on your savings path. But families should also open a NEST 529 account to start building for their loved ones’ futures today. A NEST 529 account gives families the ability to make routine contributions that can be put to work helping their loved one achieve their aspirations.
Key features include:
- Flexibility—A NEST 529 account can be opened in just 10 minutes. Families can manage everything easily online, from contributing and reallocating funds to making their investment selections.
- Tax Benefits—Tax-advantaged savings include a Nebraska state tax deduction, tax-deferred growth, and tax-free qualified withdrawals.1 Account Owners in Nebraska are eligible for an annual state income tax deduction of up to $10,000 for NEST 529 contributions, or $5,000 if married filing separately.2
- Investment Options—Families can customize their investment portfolio to fit risk tolerance, time frame, and savings goals. Saving is made even easier with automatic contributions from bank accounts or paychecks.
- Diverse Fund Families—NEST offers quality funds from multiple fund families including Vanguard, T. Rowe Price, and others.
Visit NEST529.com to learn more about the benefits of a NEST 529 College Savings Plan. For more information on the Meadowlark Program, go to NEST529.com/Meadowlark.
The State Treasurer serves as the Program Trustee. All investments, including the portfolio structure offered through the NEST 529 Plan, are vetted and approved by the Nebraska Investment Council.
