Treasurer Spellerberg Highlights State-Sponsored Savings Programs During Central Nebraska Tour

BROKEN BOW — Nebraska State Treasurer Joey Spellerberg visited Broken Bow Tuesday as part of a statewide community tour focused on educating residents about programs and services available through the State Treasurer’s Office.

Spellerberg, who was sworn into office last November, said traveling the state has been one of his priorities during his first year in office.

“One of my goals was to get out and talk to Nebraskans about the different programs and services that we have in the Treasurer’s Office,” Spellerberg said. “There are other things that we provide and services that we have that are beneficial to Nebraskans.”

One program Spellerberg highlighted was Nebraska’s NEST 529 college savings plan. The program currently includes more than 306,000 accounts with about $8 billion in invested assets.

Changes approved through LB 748 expanded how NEST 529 funds can be used. In addition to traditional colleges and universities, savings can now be used for qualifying credentials and professional certificates, including training in fields such as welding and HVAC.

“Now the expanded uses, I think, is really going to be a beneficial thing,” Spellerberg said. “Whatever career path is best for you, I think it’s a great thing for Nebraskans.”

Spellerberg also discussed the Enable Savings Plan, a tax-advantaged savings program designed for people with disabilities.

Nebraska currently has about 5,000 Enable accounts containing approximately $65 million in savings. Eligibility has expanded, with the qualifying age increasing from 26 to 46.

“It kind of brings in first responders and veterans that may have experienced a disability before 46,” Spellerberg said. “They can now qualify to start saving in these accounts.”

Account holders can also receive a state income tax deduction of up to $10,000. Spellerberg said the program remains relatively unknown despite the number of Nebraskans who could potentially qualify.

Another area of emphasis is unclaimed property, which includes dormant bank accounts, insurance proceeds and other assets eventually transferred to the Treasurer’s Office.

Spellerberg said more than $20 million was returned to Nebraskans last year, while more than $13.7 million has already been returned this year. The average claim is just under $1,200.

“We’re encouraging Nebraskans, you may have unclaimed property,” Spellerberg said. “One in five do.”

Residents can search their name, business name or the names of family members at NebraskaLostCash.gov.

“It’s definitely worth Nebraskans’ time,” Spellerberg said. “Help us get your money back.”

Spellerberg also discussed Nebraska’s new First-Time Home Buyer Savings Account program, which is expected to become available in January.

Under the program, Nebraskans will be able to open qualifying savings accounts through banks or credit unions and save money for a down payment and closing costs while receiving tax advantages.

“When Nebraskans buy homes, they put roots down, and we want them right here in Broken Bow,” Spellerberg said. “We want them right here in Custer County to come and buy a home.”

Spellerberg said housing affordability and availability remain challenges across rural Nebraska, along with issues such as child care and economic development. However, he said rural communities also have opportunities to bring younger generations back home and support locally owned businesses.

“I think there’s a lot to offer in Nebraska and especially in our rural communities as well,” Spellerberg said. “People see the challenges … but I think they see there’s opportunities too.”

Broken Bow was expected to be approximately the 10th stop on Spellerberg’s community tour, which includes 18 or 19 scheduled appearances. After visiting Hastings and Broken Bow on Tuesday, Spellerberg said stops were planned on Wednesday in Kearney and Holdrege.

He said the tour provides an opportunity to both explain state programs and hear directly from residents about the issues affecting their communities.

“Not only talk about the services, how we can serve Nebraskans, but listen to what’s important to the Nebraskans and be able to help in any way we can,” Spellerberg said.

Listen to the full interview here:

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