I have a UTMA/UGMA account. Can I roll over the funds into my child's PA 529 account?

You can roll over funds from an existing UTMA/UGMA account into an existing PA 529 account, but it is important to note that the PA 529 account will then have the additional restrictions applicable to the UTMA/UGMA account. Another alternative is to open a second PA 529 account exclusively for the UTMA/UGMA rollover. By keeping UTMA/UGMA and other contributions in separate accounts, the restrictions on UTMA/UGMA would not apply to funds in the non-UTMA/UGMA 529 account. You should review the appropriate disclosure statement as it relates to UTMA/UGMA accounts before making this transaction.

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The Pennsylvania 529 College Savings Program sponsors two plans-the Guaranteed Savings Plan (GSP) and the Investment Plan (IP). The guarantee of the PA 529 Guaranteed Savings Plan is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan's disclosure to learn more about that plan including investment objectives, risks, fees, and tax implications.