Joco Today

U.S. Senator Roger Marshall from Kansas has partnered with Senator Amy Klobuchar of Minnesota to introduce the Freedom to Invest in Tomorrow’s Workforce Act. This bipartisan legislation aims to expand the use of '529' education savings accounts, allowing American workers to utilize these funds for skills training, certification programs, and credentialing.

Senator Marshall highlighted the workforce shortages in Kansas and emphasized the need for qualified employees. He stated, "Back home, not a day goes by that I don’t hear about the workforce shortages across the state. We have high-paying jobs at the ready but struggle to find qualified employees. Our bill helps fill these workforce gaps and empowers Kansans to pursue non-traditional educational opportunities more easily." He further explained that expanding 529 plans beyond traditional four-year education makes sense: "Whether it’s a bachelor’s degree or an apprenticeship opportunity, 529 savings plans need to be flexible to meet the growing demands of our workforce."

Senator Klobuchar also stressed the importance of workforce training for economic growth and providing workers with necessary tools and resources. She said, "Workforce training is key to expanding opportunity and growing our economy by providing workers with the tools and resources they need to succeed." She added that their bipartisan legislation would enable more people access valuable programs: "By allowing Americans to use their ‘529’ educational savings to pay for training and certification outside of a four-year degree, our bipartisan legislation will enable more people to access these valuable programs and open doors to good-paying jobs."

Currently, 529 plans are tax-advantaged investment vehicles designed for saving future higher-education expenses such as college tuition or vocational school costs. The existing law restricts families and workers from using their 529 accounts beyond these educational institutions.

For those interested in further details about this legislative proposal, additional information can be accessed through available resources.