Page 30 - Means Wealth 2020/2021 Perspectives

529 PLAN BASICS (cont.)

NextGen 529 Accounts (Maine Residents)
As an incentive to encourage Maine residents to open NextGen 529
accounts, the Finance Authority of Maine (FAME) offers grants regardless of
income. To qualify, the account owner or the account beneficiary must be a
Maine resident.
• A $100 NextGen Initial Matching Grant is available for Maine Accounts
opened with a contribution of only $25. Note: The Initial Matching
Grant was expanded in 2020 to also include accounts opened for
children who also received or were eligible for the $500 Alfond Grant.
• A $100 NextGen Automated Funding Grant is available for Maine
Accounts that make at least six consecutive contributions in an amount
of at least $25 per month (with contributions made at least quarterly)
through automated funding from a bank account or payroll direct
deposit.
• The NextStep Matching Grant provides a 30% match on contributions,
up to $300 per year, with no lifetime maximum.
• The $500 Alfond College Challenge Grant continues to be available
to open a NextGen account for a Maine resident baby born on or after
January 1, 2013.
If you have any questions about the 529 plans, please contact us. n

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