Investing in Tomorrow’s Workforce: What the New 529 Plan Expansions Mean for Associations, Employers, and Families

In the past two years, New Mexico’s 529 education savings plan, The Education Plan, has undergone important changes that expand how individuals, families, and employers can invest in education and professional growth.

During the 2023 legislative session, the State of New Mexico updated its 529 statute to fully align with federal law, ensuring that New Mexicans could take advantage of new, broader uses for 529 funds. These include private K–12 tuition, apprenticeship expenses, student loan repayment, and rollovers to Roth IRA and ABLE accounts. 

Then, on July 4, 2025, Congress passed the Freedom to Invest in Tomorrow’s Workforce Act as part of the larger One Big Beautiful Bill Act, further expanding the definition of qualified 529 expenses to cover professional certifications, occupational licenses, and continuing education programs. 

Because New Mexico’s law now automatically tracks federal changes, these new federal benefits are already available to New Mexicans, making our state’s 529 plan one of the most modern and adaptable in the country. 

Join NMSAE, NMIDEA, GAMA, NMECA, The Education Plan, and the American Society of Association Executives (ASAE) for a discussion that bridges policy and practice and helps association leaders, employers, and families understand how to use 529 plans to build a stronger, more flexible workforce.

Featured Speakers

Kyle Hayes

Senior Director of Public Policy, American Society of Association Executives (ASAE)
Kyle Hayes helps lead ASAE’s outreach to policymakers on issues critical to the association community. He brings extensive experience from trade associations and nonprofits, including his role as Vice President of Government Affairs for the Commercial Vehicle Training Association (CVTA) and as a researcher for the Center on Budget and Policy Priorities (CBPP).
He holds a Master’s in Public Policy from American University and a Bachelor’s in Economics and Political Science from the University of Georgia.

Natalie Cordova, CPA

Executive Director, The Education Trust Board of New Mexico – The Education Plan & Scholar’s Edge
Natalie Cordova leads New Mexico’s official 529 college and career savings programs. Before joining the Education Trust Board, she served as Deputy State Auditor and held several executive financial positions in state government and public accounting. A licensed CPA, Cordova earned dual bachelor’s degrees in Accounting and Economics from New Mexico State University. She lives in Northern New Mexico with her husband and three children.