HI529 – HAWAII’S COLLEGE SAVINGS PROGRAM (IRC 529)
Because the cost of a college education keeps increasing, the State implemented “HI529 – Hawai`i’s College Savings Program” (“HI529”) to help families save for college. HI529 is a voluntary program designed to assist families to save for a child’s future education, and is administered by the State of Hawai`i’s Department of Budget and Finance.
Once you choose to participate, your contributions are made with after-tax dollars, and you can select from different investment options to suit your personal investment preferences. The earnings on your account grow tax-deferred and qualified withdrawals are tax-free (both federal and Hawaii state taxes).
To make it easier for State employees to participate in HI529, the State now allows employees to contribute to HI529 through payroll deduction. To enroll, set up your payroll deduction, and obtain more information on the program, please visit www.hi529.com or call toll-free 1-866-529-3343.