With school back in session for Oregon’s students, it’s time for parents to respond to recent changes made to Oregon’s 529 education savings plan.
TIAA CREF has been replaced as the Plan Administrator by Sumday Administration, LLC, a subsidiary of BNY Mellon. As a result, current Oregon 529 plan account owners are temporarily unable to deposit or withdraw funds from their existing accounts.
Current account owners should have received a postcard from the plan, detailing the various dates for the changes, which are summarized below:
September 6, 2018
No new deposits or withdrawals can be made through the old administrator TIAA CREF
September 7, 2018
Online account access temporarily suspended
September 10, 2018
Call the plan’s service center at +1 (866) 772-8464 for account information
September 12, 2018
Online account access reopens, with a new account password required
You can also read about the plan changes at the Oregon 529 Network website here.
We at Springwater are happy to see the improvements made to the plan, which include new investment options from Dimensional Funds and Vanguard. The investment menu now also offers socially responsible options from both Dimensional Funds and TIAA.
If you currently have an Oregon 529 plan account, or are considering opening one, we would be pleased to assist you in responding to the plan’s changes. Email us at firstname.lastname@example.org or call us at (888) 998-4796.
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