Maryland 529 (Formerly College Savings Plans of Maryland)
AACPS offers payroll deductions for college savings (for employees or dependents) through Maryland 529. The state of Maryland has two programs designed to help families prepare for future college costs (for dependents or yourself): the Maryland College Investment Plan and the Maryland Prepaid College Trust.
The Maryland College Investment Plan offers a choice of 14 investment portfolio options managed by T. Rowe Price. You may enroll in this program at any time.
The Maryland Prepaid College Trust is also available to AACPS employees through payroll deduction, however there is a limited enrollment period during the first quarter of every calendar year.
Employees requesting more information or wishing to enroll can call 888-4MD-GRAD (888-463-4723) or visit www.maryland529.com.
You are eligible for a Maryland State Income Tax deduction of up to $2,500 per account or beneficiary, depending upon the plan.
An enrollment form (for either plan) can be downloaded from the Maryland 529 website or requested from HR/Benefits. The form should be completed and mailed to P.O. Box 17479, Baltimore, MD 21297-1479, for authorization. Once authorized, the form should be returned to HR/Benefits to begin payroll deductions.