The Treasury Department and the Internal Revenue Service issued a ruling that allows 529 college savings plan account owners to change their investment strategy twice this year.
The ruling, which was issued Wednesday, was a response to a request from the College Savings Plans Network and other trade groups. Previously, owners of 529 accounts could change their strategy once a year.
The College Savings Plan Network, which is part of the National Association of State Treasurers, said the ruling "gives investors more flexibility in managing their 529 plan accounts."
The ruling is in effect for only this year. The College Savings Plan Network said it is working with the Treasury and the IRS to make the ruling permanent.
