Families enrolled in the Michigan Education Savings Plan will now have greater flexibility in updating their contributions under legislation signed today by Gov. Rick Snyder.
“The Michigan Education Savings Plan is a fantastic resource for families working to create a college fund for their children,” Snyder said. “This change gives families greater flexibility in efforts to save for college.”
House Bill 4887, sponsored by state Rep. Anthony Forlini, updates the number of account rebalances a family can make to a college savings account from one to two a year. This change increases investment opportunities and makes planning for deposits easier. It is now Public Act 51 of 2016.
Snyder also signed an additional bill:
HB 4747, sponsored by state Rep. Holly Hughes, clarifies that a person may not gain ownership of property owned by a local government by occupying it for a period of 15 years or more, a legal doctrine known as adverse possession. It is now PA 52.
For more information on this and other legislation, please visit www.legislature.mi.gov.