June 11, 2025

Protecting Iowa's Money

A Message from Treasurer Smith

I love this time of year. Why? Because I’m a baseball fan – St. Louis Cardinals, to be exact. If you’re a dedicated fan of any sports team, you can probably relate to the emotional rollercoaster of being said fan; celebrating their wins, but continuing your support through the trials.

The same could be said about many aspects of life – from raising children to starting or expanding a small business. In this newsletter, we talk about each of these, and more. Batter up!

Sincerely,

Roby Smith
Iowa State Treasurer

Treasurer Smith and his family at his son's graduation

Long Days, Short Years

I’ve worn many hats in life: son, student, banker, business owner, husband, senator, treasurer. My favorite, though, is dad. Watching my second child graduate last month brought it all full circle – from his first steps in our home to his last steps of high school, the saying rings true: “The days are long, but the years are short.”

I’ve been an ISave 529^® account owner for over two decades, and it feels like just yesterday my wife and I were making the decision to invest in our children’s futures – and now two of them are getting ready to or are actively using our savings for them. No matter where you are in the journey of watching a child in your life grow up, consider ISave 529 to help them get to their next adventure. Here’s why:

Flexible Uses

Money in an account can be used for tuition, room and board, books, supplies and other expenses at any qualified education institution in the U.S. or abroad. This includes two- and four-year colleges, postgraduate programs, trade and vocational schools and apprenticeship programs. K-12 tuition and student loan repayment are also qualified education expenses.

Maintain Control

No matter the age of the beneficiary, the account owner always remains in control of who, what, when and where the funds are used.

Easy to Understand Investments

The age-based savings tracks and individual portfolios provide options for every type of investor, whether they want their money managed for them or to create their own mix.

Tax Deduction

Iowa taxpayers can deduct contributions to each beneficiary account from their Iowa income taxes. In 2025, the deduction is up to $5,800! Plus, you can’t forget about the tax-free qualified withdrawals and tax-deferred earnings.

I may always have a dad joke at the ready (it comes with the territory), but I also know how serious it is to plan for our children’s future. It brings me great comfort and pride knowing ISave 529 will be there for me, and for them, when the time comes.

Famous Dads

Who’s your favorite TV show or movie dad? See if they share a name with an Iowan who has unclaimed property in Great Iowa Treasure Hunt!

Great Iowa Treasure Hunt is Iowa’s only legitimate program for returning unclaimed property to past and present Iowans. These assets become unclaimed when a financial institution or business loses contact with the owner, whether due to a name change, change of address, death or other reasons. Examples of unclaimed property include inactive checking and savings accounts, uncashed checks, lost stocks and bonds or even valuables from abandoned safe deposit boxes.

Searching and making a claim is free at GreatIowaTreasureHunt.gov.

Counting the Days Until ABLE Expansion

The countdown is on.

Beginning January 1, 2026, an estimated 1 million more Americans will be eligible for Achieving a Better Life Experience (ABLE) accounts, thanks to the ABLE Age Adjustment Act!

Iowa’s ABLE plan, IAble^®, is preparing for this highly-anticipated change by giving you the fast facts.

• Currently, an individual’s disability must be present before age 26 to meet the first eligibility criteria. Starting January 1, the age increases to 46.
• An individual can open an account at any age, so long as they meet the eligibility requirements.
• Account assets up to $100,000 are disregarded from eligibility for Supplemental Security Income (SSI), and any amount saved is disregarded from eligibility for Medicaid, SNAP, HUD and other federal needs-based benefits.
• Funds in an IAble account can be used tax-free for any expense relating to the disability and improves the account owner’s quality of life. Examples include food and other basic living expenses, transportation, assistive technology and more.

Sign up to receive a reminder about this important change when it goes live!

Supporting Small Businesses

After nearly 10 years as a family banker, I became a small business owner. With these experiences, I know the importance of having the right tools to be successful in the field, and I want to share one of those tools with my fellow and prospective small business owners.

Linked Investments for Tomorrow (LIFT) is for Iowa residents who are looking for funds to start a small business or expand their current one.

Here’s how it works:

1. A lender submits an application to my office for borrowers and businesses they believe are eligible.
2. If the application is approved, my office will purchase a certificate of deposit (CD) from the lender at three percent below the one-year Treasury bill rate (one percent minimum).
3. The lender makes the loan to the borrower or business and may charge up to, but not more than, four percent above the CD rate.

For details about ISave 529, review the Program Description (PDF).

For details about IAble, review the Plan Disclosure Booklet (PDF).

ISave 529 is a trademark of the Iowa Educational Savings Plan Trust.

IAble is a registered mark of the Iowa ABLE Savings Plan Trust.