Section 529 College Savings and Prepaid Tuition Plans "529 Plans"
The 529 Plan Practice Group at Weston Patrick focuses on solving the legal issues confronting Plan managers, broker-dealers, investment advisors, transfer agents, administrators of Section 529 college savings plans and prepaid tuition plans, and their state sponsors.
- We advise on a broad range of qualified tuition program issues including securities law, tax law, contracting, regulatory, and other legal requirements applicable to such programs. We have the requisite expertise to represent a broad cross-section of the Section 529 college savings and prepaid tuition plan industry, including state sponsors responsible for the development and oversight of the programs, financial services firms in their roles as program managers, and other service providers.
- Our team has assisted program managers, primary distributors, broker-dealers, and investment advisors in structuring college savings and prepaid tuition plans (also known as “qualified tuition plans” under the Internal Revenue Code) in a manner that meets applicable securities and tax law requirements. For example, 529 program management agreements and subcontracts need to be customized to comply with federal tax and securities statutes, relevant state statues, MSRB rules, and individual state program requirements, as well as to the applicable distribution channel (direct-sold or advisor-sold).
- We have extensive experience in guiding clients through the 529 regulatory maze, and in drafting the required contracts between the state sponsor and the 529 Plan Managers, as well as between the 529 Plan managers and third-party subcontractors, both for original programs and for modifications of those programs after successful re-bids.
- Our team also provides advice on the federal and state securities, tax, and enabling laws and regulations (FINRA/MSRB/IRS) applicable to state sponsors of 529 college savings plans, the program managers, investment managers, and broker-dealers participating in the 529 plan marketplace.
- We also have extensive experience with the drafting and review of Section 529 offering documents and marketing materials both in print and on the web.