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Information for GET Customers Regarding Amortization Refunds

GET units purchased after May 1, 2011, included fees to ensure the financial stability of the program after the Great Recession. Since the program’s financial health recovered more quickly than expected, the GET Committee voted to refund the amortization fees paid by all customers who have unredeemed units purchased at prices of $163 or greater. This refund is a return of contributions and does not include any gains. Though federal income tax and IRS penalties apply to the gains portion of a 529 savings plan distribution, your tax advisor or IRS Publication 970 may provide clarification on the tax implications of this refund for your household.

Why did I receive this amortization refund and what do I need to do?

All customers who have unredeemed units purchased at unit prices of $163 and/or $172 have received an automatic amortization refund. The refund amount is based on the year the units were purchased and the total number of units purchased at $163 or $172. It is an automated refund sent to all accounts that qualify in the form of a check issued to the GET Account Owner.

The refund amount per unit is listed below, which is directly correlated to the original amortization amount paid per unit:

Dates units purchased are as follows:

Dates Units Purchased Refund Amount Per Unit
05/01/2011 to 06/30/2012 $18.70
07/01/2012 to 07/02/2013 $19.73
07/03/2013 to 06/30/2015 $20.82

Note: Customers who fully refunded their accounts before the automated amortization refunds were processed received their amortization refund as part of their total refund, and did not receive a separate amortization refund check. However, any account refunds processed after the amortization refunds were completed will receive two separate checks: one for the amortization amount, and one for their total account balance, minus the amortization refund amount.

Custom Monthly Plan Payment Adjustments

GET has made the following adjustments to Custom Monthly Plans that were locked in at a purchase price of $163 per unit or greater:

  1. Refinanced Custom Monthly Plan contracts based on an adjusted unit price (the original unit price paid minus the amortization amount). The reduced principal and total finance charges that customers pay over the life of the Custom Monthly contract results in a lower monthly payment amount.
  2. Calculated each customer's refund amount based on the difference between the original monthly payment and the new, lower monthly payment. This difference was multiplied by the number of payments made to date on the Custom Monthly contract to determine the total refund amount.
  3. Sent a refund check for this amount to customers, as well as information on how to view their revised monthly payment amount. Customers who used coupons with their former payments can also expect to receive new coupon books with the updated monthly payment amount indicated.

Find Your New Custom Monthly Plan Payment Amount

Effective March 2016, on-going monthly payment amounts have been adjusted for all Custom Monthly Plans established since May 1, 2011. The following charts reflect what the new payment amount will be for all customers that established Custom Monthly Plans during the enrollment periods of 2011-2012, 2012-2013, 2013-2014, and 2014-2015. To find your new monthly payment, locate the chart that corresponds with the year that you established your Custom Monthly Plan.