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May 26, 2016
Thaler thanks Kirk for education savings bill
Writing in support of S. 195, the "401(Kids) Education Savings Account Act of 2015," NAFCU's Brad Thaler touted the bill's removal of barriers, such as income restrictions for contributors, that prevent families from using credit union-offered Coverdell Education Savings Accounts.
"One of the main missions of credit unions is financial education and encouraging saving," wrote Thaler, NAFCU's vice president of legislative affairs, in a letter Wednesday to the bill's author, Sen. Mark Kirk, R-Ill. "NAFCU is always looking for ways to support and improve upon savings initiatives, and we believe your legislation is a good step forward in improving a product that has helped many credit union members save for their family's education."
Aside from removing income restrictions for contributors to ESAs, Kirk's bill would remove others barriers for the savings accounts, including raising the annual contribution limit per beneficiary, expanding what qualifies as a qualified expense and allowing balance rollover into Roth IRA accounts.
The bill awaits action by the Senate Finance Committee.
"One of the main missions of credit unions is financial education and encouraging saving," wrote Thaler, NAFCU's vice president of legislative affairs, in a letter Wednesday to the bill's author, Sen. Mark Kirk, R-Ill. "NAFCU is always looking for ways to support and improve upon savings initiatives, and we believe your legislation is a good step forward in improving a product that has helped many credit union members save for their family's education."
Aside from removing income restrictions for contributors to ESAs, Kirk's bill would remove others barriers for the savings accounts, including raising the annual contribution limit per beneficiary, expanding what qualifies as a qualified expense and allowing balance rollover into Roth IRA accounts.
The bill awaits action by the Senate Finance Committee.
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