Education

July 11th, 2018 | Miller Advisors

New Limited Time Options for GET Account Owners

During the 2018 Legislative Session, the Legislature enacted Senate Bill 6087, which provides new account options and additional benefits for GET customers who purchased units before July 1, 2015.  This legislation went into effect on April 15 and the GET Committee is in the process of setting policies based on the directions in the bill.  The amount of additional benefits that you may receive will depend on choices you make about your GET account, when you purchased your GET units, and the funded status of the GET program.

Please note that these new options will be available to GET customers in phases, and that the GET Committee will continue to make decisions in order to fully implement this legislation.

GET Customer Options at a Glance

Due to the passage of SB 6087, GET customers who still have unredeemed units bought before July 1, 2015 will have the following options available in the coming weeks and months:

  1. Roll your entire GET account (partial rollovers are not permitted) over to the new DreamAhead College Investment Plan at a special Unit Cash Value Price of $143 (NOW AVAILABLE UNTIL SEPTEMBER 12, 2018).
  2. Keep your savings in your GET account and potentially be eligible for up to two adjustments that may add units to your GET account.

a. The first adjustment applies to accounts with an average unit price that is higher than $117.82. Qualifying accounts will receive additional units based on the difference between their average unit price and $117.82.

b. The second adjustment is contingent on the funded status of the GET program. If the funded status allows them to make this adjustment, it will apply to all GET accounts with unredeemed units bought before July 1, 2015.

3. Request a refund of your GET account with no program penalties.

For more information and details about these options, please visit the GET website.  Please note that these new options will be available to GET customers in phases, and that the GET Committee will continue to make decisions in order to fully implement this legislation. Please check the GET website regularly and verify that the contact information on your GET account is up to date to ensure you receive the latest updates on the options available to you through Senate Bill 6087.

GET Program

Photo: iStock