"Virginia’s longtime college savings plan, Virginia529, is changing its name to reflect the agency’s expanded mission.

The program will become Invest529, and the organization that oversees it, also currently known as Virginia529, will become Commonwealth Savers. The agency now oversees retirement disability savings plans.

Every state except Wyoming has a state-sponsored college savings plan. Virginia started its tax-advantage savings plan for education in 1996. The organization that oversees the plan is an independent state agency authorized by Section 529 of the Internal Revenue Code.

The organization added a plan for people with disabilities in 2014 and a retirement plan for private-sector employees in 2021. Altogether, the agency manages five programs," reports the Richmond Times-Dispatch.

Photo: www.virginia529.com