The Financial Planning Association said Monday that it has joined a new coalition to push for passage of the Freedom to Invest in Tomorrow's Workforce Act, legislation that allows 529 plan funds to be used to cover the costs of maintaining professional credentials — for instance, taking the CFP Board and CPA exams.
The bill, introduced in April, expands the "eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized postsecondary credentials, including professional credentials and certifications."
FPA said it has joined more than 500 trade associations, professional societies, businesses and employers to form the Tomorrow's Workforce Coalition. The American Society of Association Executives (ASAE) and the Professional Certification Coalition (PCC) lead the new group.
"Expanding eligible uses for 529 plans would empower workers of any educational background, skill level, or age," James Lee, FPA's 2023 president, said Monday in a statement. "It would also benefit all industries and professions that rely on employees with specialized training or recognition."
As financial planners, FPA's members "work with families who make important savings decisions for their futures," Lee said. "This legislation would benefit anyone who may choose a career that requires specialized training or recognized credentials and certifications, including the CFP certification."
