2 weeks Ago
I’ve always said that I’ve held the two best jobs in state government.A little over 20 years ago, I served as state treasurer, and I’ve spent the last 17 years as CEO of Commonwealth Savers, formerly Virginia529. I found my passion working in the public sector, and I believe there’s an opportunity in 2025 to make great strides in helping Virginians achieve the financial stability and freedom they desire and deserve.
At Commonwealth Savers, we address savings gaps in three key areas: education, disability and retirement. The recent rebrand from Virginia529 to Commonwealth Savers captures the essence of our evolved mission — to empower individuals and families on their entire financial journey.Mary Morris is CEO of Commonwealth Savers, which oversees Invest529, ABLEnow, SOAR Virginia and RetirePath Virginia.
She brings more than three decades of financial and taxation services experience to her role as an industry authority. (Courtesy of Commonwealth Savers)Helping individuals and families save for educationVirginia consistently ranks as one of the best states for business and has top-ranked colleges and universities, with more than 43% of residents holding a bachelor’s degree or higher. Commonwealth Savers manages the largest tax-advantaged 529 program in the country with Invest529 being the state’s nationally sold education savings program.
Managing over $111 billion in assets, the numbers are impressive, but the impact goes beyond the numbers.In recent years, the use of 529 funds has expanded from solely focusing on traditional higher education to covering workforce credentials, addressing the gap in tuition assistance for individuals to enter the trades. Funds can also be used to help with student loan repayment and, as of 2024, account holders now have the option to roll over up to $35,000 into a Roth IRA.
These changes mean families can use a 529 account even if their child receives scholarships or decides not to pursue the traditional college route. I hope this increased flexibility, along with the added benefit of potential retirement savings, will encourage more Virginians to start saving early.Supporting future Virginia scholars through mentorship and scholarshipsAccording to the National College Attainment Network, high schoolers who work with advisers are over three times more likely to attend college than those who don’t.
Through individual advising, assistance with financial aid applications and scholarship support of up to $2,000, our SOAR Virginia program — born from our mission to increase educational attainment statewide — has helped more than 13,000 students throughout the commonwealth. Offered in high schools from Lee County in far Southwest Virginia to the Eastern Shore, we’re proud of the impact the support we’ve provided access partners and other organizations has had.Enabling individuals with disabilities to achieve financial independenceIn December, we celebrated the 10th anniversary of the ABLE Act, which empowers individuals with disabilities to save and invest in tax-advantaged ABLE accounts.
Since its launch, our ABLEnow program has had the privilege of helping thousands of people across the country achieve greater financial independence. With the ABLE Age Adjustment Act taking effect in 2026, even more individuals will gain access to these life-changing accounts.Paving the way toward retirement savings for private-sector Virginia workersIn 2021, the Virginia General Assembly passed legislation to establish RetirePath Virginia, a retirement savings program designed to help close the significant gap faced by private-sector workers who lack access to a retirement plan.
Today, more than 1,000 Virginia businesses are participating in RetirePath, giving their employees the option to save for retirement. We are passionate about this program and continue to encourage eligible Virginia businesses to participate. Our hope is programs like these will motivate the younger generations to start planning for retirement earlier in their careers.
Looking ahead, the future is brightIt’s been a privilege to watch these programs grow and flourish, and this journey I’ve been on is why I believe I have the best job in state government. We are incredibly grateful for our team, partnerships and organizations who work with us to help make these programs possible. I think we’ve only just scratched the surface of helping people and families achieve financial freedom.
Mary Morris is CEO of Commonwealth Savers, which oversees Invest529, ABLEnow, SOAR Virginia and RetirePath Virginia. She brings more than three decades of financial and taxation services experience to her role as an industry authority..
