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 education savings account with The Education Plan -- New Mexico’s direct 529 education 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.
- Contributions grow tax-free and withdrawals are tax-free.
- Contributions are tax-deductible on state income tax returns for New Mexico residents.
- Flexibility. Funds can be used for any level of higher education at eligible institutions nationwide.
- Funds can be used for expenses such as tuition, room and board, books, fees, computer technology and education-related special needs. Funds may also be used to pay for K-12 tuition and apprenticeship expenses.
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.
Start Now
Enrolling is easy and takes about 15 minutes. You can open an account with just $1 and contribute as much or as little as you’d like.
- Open a new account with The Education Plan. The process is simple and you can complete it online.
- Set up payroll direct deposit for an existing account with The Education Plan. Learn How to Set Up Direct Deposit
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 education savings plan designed to make future education more attainable for families.
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.
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.
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.
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: New Mexico’s 529 tax deduction is limited to contributions made to one of New Mexico’s state-sponsored 529 education saving plans. 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 change the beneficiary to a grandchild or other family member at some point later.
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 not to use payroll direct deposit. If you do this, you can make lump sum contributions or set up automatic contributions from a bank account.
