Then I must be elite. I have a 401(k).
Here's the wiki on the EO:
Working Group on Financial Markets
(Redirected from Executive Order 12631)
The
Working Group on Financial Markets (also,
President's Working Group on Financial Markets, the
Working Group, and colloquially the
Plunge Protection Team) was created by Executive Order 12631, signed on March 18, 1988, by United States President Ronald Reagan.
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And it seems that parents and grandparents saving up to send the young'uns to college are members of the elite too:
529 plan
A
529 plan is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. In 2017, K-12 public, private, and religious school tuition were included as qualified expenses for 529 plans along with post-secondary education costs with passage of the Tax Cuts and Jobs Act.
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Overview
529 plans are named after section 529 of the Internal Revenue Code 26 U.S.C. § 529. While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of residence. Only 2.5 percent of all families had 529 college savings accounts in 2013.
There are two types of 529 plans, prepaid plans and savings plans.
• Prepaid Plans
• Prepaid plans allow one to purchase tuition credits at today's rates to be used in the future. Therefore, performance is based upon tuition inflation.
• Prepaid plans may be administered by states or higher education institutions.
• Currently, 10 states provide a prepaid tuition plan that is accepting new applicants. Those states include Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, Pennsylvania, Texas, Virginia, and Washington.
• Savings Plans
• Savings plans are different in that all growth is based upon market performance of the underlying investments, which typically consist of mutual funds.
• Most 529 savings plans offer a variety of age-based asset allocation options where the underlying investments become more conservative as the beneficiary gets closer to college age.
• Savings plans may be administered by states only.
• Although states administer savings plans, record-keeping and administrative services for many savings plans are usually delegated to a mutual fund company or other financial services company.
Let's not get into those union pension funds.
Oh, what the hell; why not?
Where Do Pension Funds Typically Invest?
Partner Content By Eric Whiteside | Updated September 12, 2016 — 5:16 PM EDT
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Income
U.S. Treasury securities and investment-grade bonds are still part of pension fund portfolios.
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Equity
Equity investments in U.S. blue-chip common and preferred stocks are a major investment class for pension funds.
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