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Information about transition of CollegeWealth/Union Bank & Trust Accounts

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To enhance and streamline program offerings and access to its direct-sold savings program, Virginia529 added an FDIC-Insured Portfolio to inVEST on January 1, 2017. In conjunction with the new addition to our inVEST lineup, Virginia529 is discontinuing the CollegeWealth program offered through Union Bank & Trust during the first quarter of 2017. The inVEST FDIC-Insured Portfolio offers a 529 savings option similar to the CollegeWealth option with individual FDIC protection, held in an omnibus interest bearing deposit account with Union Bank & Trust.

Virginia529 will transfer existing Union CollegeWealth accounts automatically to new inVEST FDIC-Insured Portfolio accounts on or about April 3, 2017. CollegeWealth/Union account owners are receiving separate individual communications with information on the transition and their new inVEST account(s). No action is required on the part of a CollegeWealth/Union owner for this transition.

For existing CollegeWealth/Union account owners, if you take no action and Virginia529 transfers your account automatically to an inVEST FDIC-Insured account, the transfer is not considered one of the two investment changes allowed for a 529 account per year according to federal regulations. Before the automatic transition, you may choose to move your CollegeWealth account to an inVEST FDIC-Insured Portfolio or another 529 option (such as a different inVEST portfolio or CollegeAmerica); however by doing so you will use one of the two investment changes allowed for 2017.

Changes in the CollegeWealth/BB&T program are coming later in 2017, so those account owners should look for more information in the coming months.

For updates on the current transition, CollegeWealth/Union customers should look for emails from Virginia529.


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