Welcome Sandia National Laboratories Employees

The Education Plan + Sandia National Laboratories = Make Saving For College Easy.

Kids grow up fast. As part of Sandia National Laboratories employee benefits package, you can make deposits directly from your paycheck into a 529 college savings account with The Education Plan -- New Mexico’s official 529 college savings plan. Here are just a few reasons to set up your account today:

  • Convenience. Set up withdrawals once and easily manage your account online.
  • Significant tax benefits for New Mexico residents.
  • Flexibility. Funds can be used for any level of higher education at colleges nationwide.
  • Funds can be used for expenses such as tuition, room and board, books, fees, computer technology and education-related special needs.

Please enroll ONLY through the ENROLL NOW button on this page. This will ensure that your new account will be correctly identified with Sandia National Laboratories.

ENROLL NOW

Start Now

Enrolling is easy and takes less than 15 minutes. You can open an account with just $1 and contribute as much or as little as you’d like.

Watch our recorded presentation.

While Sandia National Laboratories offers payroll direct deposit as an optional benefit, employees are responsible for opening and managing their own account with The Education Plan.

All accounts with The Education Plan have a single account owner and cannot be owned jointly. If both you and your spouse are employees of Sandia National Laboratories and wish to open an account, you have a couple of options.

You can open two separate accounts for your beneficiary, one under each of your names. Or you can open a single account for your beneficiary under one of your names. Any contributions the other spouse makes into this account will be considered “gift contributions” for tax purposes and will be eligible for New Mexico state tax deductions.

A 529 is a tax-advantaged college savings plan designed to make education beyond high school more attainable for families. The Education Plan is New Mexico’s official 529 college savings plan.

Learn More

Get in Touch.

Have questions? We have answers.
You can reach our friendly and knowledgeable customer service team:
1-877-337-5268
Mon-Fri from 8 a.m. to 7 p.m. MT.

Knowledge is Power

Download the full plan description for complete details about your investment.

Download

Sandia National Laboratories is a multi-mission laboratory managed and operated by National Technology & Engineering Solutions of Sandia, LLC, a wholly owned subsidiary of Honeywell International Inc., for the U.S. Department of Energy’s National Nuclear Security Administration under contract DE-NA0003525.

Sandia National Laboratories Webinar FAQs

Q: Do you have to live in New Mexico to open an account with The Education Plan?

A: No. The program is very popular with out-of-state investors as well as New Mexico residents. The Education Plan is one of the lowest cost 529 plans in the country, and many people in other states take advantage of it.

Q: Can you use the funds for private high school?

A: The Education Plan allows all uses that are permitted by the federal 529 law. A new option was recently made available by amendment to the 529 law. The amendment states that up to $10,000 per year can be removed from a 529 plan to pay for K-12 tuition.

However, you need to be careful if you are a resident of the state of New Mexico. New Mexico tax law does not recognize this recent amendment to the federal 529 law. As a result, you cannot take the New Mexico state tax deduction if you want to use the contribution for K-12 tuition. If you use 529 funds for K-12 education, you must be able to prove that the money you used was not given the New Mexico state 529 tax deduction. We recommend talking to a CPA or tax lawyer about using 529 funds for K-12 education if you are a New Mexico resident.

If you do not live in the state of New Mexico, you can use up to $10,000 per year from a 529 for K-12 tuition. Make sure you are aware of any tax benefits you get from your state laws and that use for K-12 education is recognized under your state laws.

Q: I already have a 529. Can I rollover the funds I already have?

A: Yes, you can rollover the funds from another 529 plan into an account with The Education Plan using a simple form, which you can find here.

Q: Do I have to have a child to start investing?

A: No. It is possible to start saving now using a 529 plan for future children. Anyone can be the beneficiary of a 529 account, even yourself. As long as the beneficiary is a family member of the original beneficiary. You could establish a 529 account, name yourself or your spouse as the beneficiary and then, when a child is born, change the beneficiary to the child.

Q: Is there a limit to the amount of contributions to an account?

A: Yes, the limit is $500,000. This limit is very generous, and few people will ever reach that account value. If you do, you will have to stop contributing to the account.

Q: What’s the benefit of The Education Plan compared to Fidelity’s 529 plan?

A: The New Mexico’s 529 tax deduction is limited to contributions made to New Mexico’s state-sponsored 529 college saving plan, which is The Education Plan. The state tax deduction is not available for contributions to any other 529 plan.

If you are not a New Mexico resident, there is no advantage or disadvantage to using The Education Plan, as long as:

  • your state has no state tax benefit for contributions to its own 529 plan OR
  • your state offers a tax benefit for contributions to any 529 plan

In terms of cost, The Education Plan is competitive with other 529 programs in the country.

Q: How often can I make changes to my investment selection?

A: IRS rules allow an account owner to make investment changes to a 529 account twice per year.

Q: What if a family member has already established a 529 account for my child? Can I open another account or contribute to the current account?

A: First off, it’s great that another family member has opened an account for your child. Grandparents, aunts and uncles are often contributors to 529 accounts.

You can make a gift contribution into an existing 529 account or establish your own 529 account for the same child. If you open a new account, your child will simply be the beneficiary of more than one 529 account. If you make a gift contribution to an existing 529 account with The Education Plan and you are a New Mexico tax payer, you will be eligible for the New Mexico state tax deduction for your contribution.

Q: What happens if the beneficiary decides not to go to college?

A: The account owner can change the beneficiary on an account at any time. If you do not have anyone to change the account beneficiary to, you can always close the account and withdraw the money. You will have tax consequences if you do this.

A 529 account can remain in existence for an indefinite period of time. If you think there might be a family member in the future who could benefit from the 529 account, you can change the beneficiary to yourself and then give it to a grandchild or other family member at some point later on.

Q: How can I withdraw money from my account?

A: When it’s time to withdraw money, you can download a withdraw request form or contact us by phone at 1-877-337-5268. The money can be paid directly to the account holder, to the beneficiary or to an educational institution. Withdrawals will be tax free as long as the money is used for qualified education expenses.

Q: How much money do I need to start the account?

A: You can open an account for as little as $1, and contributions can be made whenever you choose. There’s no obligation to make regular contributions. In addition to the payroll direct deposit through Sandia, you can make a lump sum contribution or individual contributions throughout the year. Contribution amount and frequency are entirely up to you and very flexible.

Q: Are there any benefits to going through Sandia versus on my own?

A: The main benefit of going through Sandia is the ease of payroll direct deposit. You designate the amount you want taken out of each check, and Sandia payroll will automatically deposit it into your account with The Education Plan. You can also easily make changes to the amount you are contributing at any time through Sandia payroll.

You can also choose to open an account on your own. If you do this, you can make lump sum contributions or set up automatic contributions from a bank account.

SIGN UP & STAY CONNECTED

SIGN UP FOR OUR NEWSLETTER

FOLLOW US
ON SOCIAL MEDIA

The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

Privacy & Cookie Policy

Phone: 1-877-337-5268
We're available Monday to Friday 8 a.m. to 7 p.m. MT

OPEN AN ACCOUNT LOGIN
VIEW LEGAL DISCLOSURE

For more information about The Education Plan, call 1.877.337.5268 or view the Plan Description and Participation Agreement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You also should consult a financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 plan(s), or any other 529 plan, to learn more about those plan’s features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The Education Plan is administered by The Education Trust Board of New Mexico. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-today operations, including investment advisory, recordkeeping and administrative services. The Education Plan’s portfolios invest in: (i) mutual funds; (ii) exchange traded funds; and/or (iii) a funding agreement issued by New York Life. Investments in The Education Plan are not insured by the FDIC. Units of the portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the portfolios you choose. You could lose all or a portion of your money by investing in The Education Plan depending on market conditions. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.

The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

All other marks are the exclusive property of their respective owners.

Not FDIC-Insured. No Bank, State or Federal Guarantee. May Lose Value.