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All Kirtland CU branches and locations will be closed on Thursday, November 28 in observance of Thanksgiving.

Phishing attempts are on the rise. Use caution if you receive a call, email, or text message that claims to be from Kirtland CU. Remember: we will never ask for your online banking access codes or credentials, or for you to transfer money. Learn more on our Fraud Awareness and Prevention Center. 

FRAUD ALERT: Have you received a text message asking to verify a fraudulent transaction? Do not click on that link or call the phone number on your text message. Scammers are using a variety of messages and techniques to gain access to your account. Learn how to protect yourself on our Fraud Awareness and Prevention Center.

We have engaged Forvis Mazars, LLP (Attn: Bud Hollenkamp, 1801 California Street, Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your September 2024 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to Forvis Mazars, LLP. Include your name, truncated account number, and an explanation of the difference noted.  A reply is not considered necessary unless a difference is noted.

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Higher Learning

By Kirtland Financial Services

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For many people, a 529 savings plan offers an opportunity to achieve an important life goal and improve overall financial health. As college and university administrators determine how higher education will look in the future (classes on campus, remote learning or a mix of both), the benefits of a 529 plan have never been more meaningful. Here are three benefits that are particularly important during these times – especially as the cost of higher learning continues to rise.

Study guide

A 529 plan is a tax-advantaged savings plan designed to help pay for education. Originally limited to postsecondary education costs, it was expanded to cover K-12 education in 2017. The two major types of 529 plans are savings plans and prepaid tuition plans. Savings plans grow tax-deferred and withdrawals are federally tax-free if they’re used for qualified education expenses. Prepaid tuition plans allow the account owner to pay in advance for tuition at designated colleges and universities, locking in the cost at today’s rates.

  1. Not only can 529 plan assets be used to pay for tuition and books, they can also pay for computers, internet access and other equipment. This will be especially important if remote learning continues indefinitely.
  2. The recently passed Setting Every Community Up for Retirement Enhancement (SECURE) Act expanded qualified expenses to include registered apprenticeship programs1 and repayment of college debt.
  3. Account owners have full control over 529 plan assets and can even be the beneficiary of their own account. This is a huge benefit for anyone looking to go back to school right now to advance their skills for the evolving work environment and new opportunities that may come with it.

Follow the money

Distributions from a 529 plan can be used to cover a long list of qualified education expenses at qualified institutions. Here’s a summary:

Qualified expenses


K-12                                                    

  • Tuition up to $10,000 per year per student

 

Postsecondary                                               

  • Tuition and fees
  • Books, supplies and equipment required for enrollment or attendance
  • Room and board (on- or off-campus for students who are at least half time)
  • Computer peripheral equipment, software and internet access if used primarily by the beneficiary
  • Special needs services as required by beneficiaries in connection with enrollment or attendance
  • Fees, books, supplies and equipment required for participation in a registered apprenticeship program1

 

Types of eligible institutions

  • In-state or out-of-state colleges
  • Public and private schools
  • Vocational schools
  • Technical and trade schools
  • International higher education institutions
  • Any public, private or religious elementary or secondary school
  • Registered apprenticeship programs1
  • Repayment of principal/interest on any qualified education loan up to a $10,000 lifetime limit for the designated beneficiary
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1 Registered and certified with the U.S. Department of Labor.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Kmotion, Inc., 412 Beavercreek Road, Suite 611, Oregon City, OR 97045; www.kmotion.com

©2021 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

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