Maryland 529 consists of two active savings programs, the Maryland Senator Edward J. Kasemeyer College Investment Plan and the Maryland ABLE Program. The Maryland Senator Edward J. Kasemeyer Prepaid College Trust is closed to new enrollment. All three programs are overseen by the Maryland State Treasurer.
The Maryland 529 plans are the only 529 plans that offer an annual Maryland State income deduction, and any earnings and contributions can be used tax free for eligible qualified education* or qualified disability expenses.
Distributions to pay for the qualified education loan of a sibling of the Beneficiary, while federally tax-free, may be subject to State tax consequences.
Maryland 529’s plans:
The Maryland Senator Edward J. Kasemeyer College Investment Plan (also referred to as the College Investment Plan), launched in 2001 and is managed and distributed by T. Rowe Price, an investment management firm with more than 80 years’ experience. The College Investment Plan is designed to help families give their children the freedom to pursue their dreams through saving for college, an apprenticeship, or trade school while helping limit the accumulation of debt.
The Maryland ABLE program launched in November 2017 and helps individuals with disabilities save money and pay for Qualified Disability Expenses without jeopardizing State or federal means-tested benefits such as SSI or Medicaid. The ABLE program is managed by Vestwell State Savings, LLC.