Augmentation of earnings - UESP also administers an endowment fund. Earnings from this endowment fund augment the earnings of UESP participants, as determined by policy and contribution restrictions. Only participants selecting the most conservative investment option, Option 1, currently benefit from endowment fund allocations. A participation agreement must be completed before savings can begin, but the agreement has no additional conditions related to participants. A beneficiary must be a resident of any state and have a valid social security number.
Beneficiaries can be any age.
However, to qualify for Utah income tax benefits, the account must be established before the beneficiary's 19th birthday. Back to top Q8. The UESP participation agreement asks participants to identify a payment amount and payment schedule to be used. Contributions can be made by check or through automatic withdrawals from checking or savings accounts. Substitutions are free of charge.