Program Description


Opening Your Account

Anyone 18 years of age or older can open a Utah Educational Savings Plan (UESP) account. You can save for your children, grandchildren, and nieces and nephews. In fact, you can even open an account for the son or daughter of a neighbor or friend. Once you open your account, you can change the beneficiary at anytime to another family member of the previous beneficiary. Each account owner and beneficiary must be a resident of the United States and must have a valid U.S. Social Security or Taxpayer Identification Number.1

Account Ownership
The account owner is a person, company, organization, or trust, and must have a valid U.S. Social Security or Taxpayer Identification Number. An account owner does not have to be a resident of Utah; however, lower fees apply to Utah residents and additional tax benefits are available to Utah taxpayers.

The account owner can sign up online or complete an Account Agreement form to open a UESP account. The Account Agreement form can be submitted by mail or fax.

Although others may contribute to an account, only the account owner controls how the money in the account is invested or withdrawn. There can be only one account owner per account, though a successor can be designated.

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1 Restrictions also apply to all account changes. Please see the Program Description for details.

© 2010 Utah Educational Savings Plan, all rights reserved.
The terms Utah Educational Savings Plan and UESP are registered service marks.

Investors should read the Program Description and consider all investment objectives, risks, charges, and expenses before investing. The Program Description is available for download on the Web or a hard copy can be mailed to you by requesting it online from this Web site.

FDIC Insurance. Except for the underlying investment specified below, investments in UESP are not insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance is provided for the FDIC-insured savings account held in trust by UESP at Zions First National Bank (Bank). Funds in the savings account are insured by the FDIC on a pass-through basis to each account owner up to the maximum amount set by federal law—currently $250,000. The amount of FDIC insurance provided to an account owner is based on the total of (1) the value of an account owner’s investment in UESP’s FDIC-insured savings account plus (2) the value of other accounts held (if any) at the Bank, as determined by the Bank and by FDIC regulations.

No Other Insurance and No Guarantees. Investments in UESP are not insured nor guaranteed by the State of Utah, UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority, other state agencies, federal government agencies (except to the extent noted above regarding FDIC insurance ), or any employees or directors of any such entities. Units in UESP have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

Account Value. The value of your UESP account may vary depending on market conditions and the performance of the investment option you select. It could be more or less than the amount you contribute; in short, your investment could lose value. However, subject to the application of Bank and FDIC rules and regulations to each account owner, funds in UESP’s FDIC-insured savings account will retain their value, whether in Option 11, or when allocated to portions of Options 2, 3, 7, 8, 9, or 12 (if the FDIC-insured savings account is selected as an underlying investment).

Non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.

 

For more details about how our plan works download a copy of our Program Description.

Click here to download a pdf.
Click here to request a mailed copy.