529 Education Plan

The Education Plan is New Mexico’s 529 Education Investment Plan.  It is sponsored by the state in the interest of helping more kids go to college and come out with less debt.

1. You can open an account with $0.
2. Anyone can open an account for anyone (child, niece/nephew, grandchild, yourself).
3. All contributions are 100% deductible on NM state tax returns.
4. Earnings are tax-free as long as they are spent on higher education expenses.
5. Allowable expenses are tuition, room, board, books, internet connections, fees, etc.

See info at www.theeducationplan.com  The 529 is an optional payroll deduction, with no employer contribution.

If you would like to use Payroll deductions to contribute to a 529 Education investment account, complete the TEP deduction authorization form and email it to HR.  Contact HR at https://newmexicoconsortium.org/inside-nmc/human-resources/.

New accounts will be added once a month, so there is no deadline. You will set up the account with TEP online, then enter the Account number on the form.

529 Education Plan documents:

• Employee Payroll Direct Deposit Form
• Account Maintenance Form