NYU School of Medicine Benefit Plans

529 Plan – State sponsored tuition savings plan, established under
section 529 of the Internal Revenue Code, to help individuals and
families save for future costs of college education. Administered by
UPromise and The Vanguard Group for NY State.
Participants “Account Owners”
• Set up account for one designated beneficiary (yourself, spouse, child,
grandchild, cousin, or someone outside your family) – You may set up more than
one account
• No age, income, or residency restrictions in order to establish account & make
contributions
• Contribute after tax dollars through payroll deductions
• Account balances are used for College Tuition, Room & Board, and any other
required expenses at eligible institutions of higher learning
• Account must be open for at least 36 months before qualified withdrawals can be
made without penalty