We’re sure this is one of many revised regulations we will see this year as a direct result of the financial crisis. The IRS and the U.S. Treasury Department have agreed to give 529 plan account holders more flexibility throughout 2009 by issuing a ruling that will allow account holders to change their investment strategy twice – instead of once – per calendar year. The action comes in response to a request from the College Savings Plans Network (CSPN) and other college savings groups.
The revised ruling is only in effect for 2009, and CSPN says it will be pressing lawmakers to allow it to extend beyond the end of this year — just in case this whole financial crisis thing pans out longer than anyone wants it to.