Today we are honored to have the Alabama State Treasurer, Young Boozer, in our studio for a special interview to discuss the programs that he oversees and how they affect investors and business owners in our state.
Young Boozer’s responsibilities
Young Boozer is in charge of cash management for the state which takes in between $100 and $200 million dollars a day. He oversees the investment of that money which is used to fund the operations of the state. The Alabama State Treasurer is responsible for the state’s bond management, the safe program, the Alabama Trust Fund, unclaimed property, and others totaling over $40 billion dollars in assets.
College Counts 529 Plan
In this video interview, Young Boozer talks with Greg Powell about the impact of interest rates on the state and the role his office plays with the College Counts 529 Plan. He then discusses the advantages of the AL 529 plan and what investors need to know about it.
The ABLE Act for special needs individuals
Young Boozer is actively involved in new legislation that will affect individuals with special needs. In December of 2014, Congress passed the ABLE Act (Achieving a Better Life Experience) which is a 529a. This program establishes an investment account for individuals who have disabilities from birth through age 26. Young Boozer explains the purpose and details of this investment account. New legislation, which has to be passed in AL to offer this to state residents, has passed in the state’s Senate and is now in the House with the goal of it being in place of January 2016.
More information on Young Boozer
More information on all things related to the Alabama State Treasury Office and Young Boozer can be found at http://treasury.alabama.gov/.
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Note:
Young Boozer has no affiliation with Fi Plan Partners or LPL Financial.
Greg Powell is President and CEO of Fi Plan Partners, an independent investment firm in Birmingham, AL, serving clients across the nation through financial planning, wealth management and business consulting. Fi Plan Partners creates strategies in the best interest of their clients using both fee based investing and transactional investing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
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