Emma Willis, 33, was named executive director of the state’s 529 GIFT Plan in November 2016 to replace Beth Anne Rankin. She joined the Arkansas Treasurer’s Office in 2009. She also serves as director of the ABLE program, a savings account for those with disabilities scheduled to begin in October. Arkansas offers direct-sold and adviser-sold plans with earnings tax-free if used on college-related expenses.
Willis graduated with a bachelor’s degree in business administration from Philander Smith College in Little Rock.
Willis has been personally contributing to a 529 account for her son, Kyle, whom she called the “best lesson” for managing personal finances.
The 529 Plan has grown by more than $120 million in the past two years; what do you attribute the growth to?
I attribute it to having a new administration that sees the value in saving for higher education. The current treasurer saw the benefit in having a director be a permanent fixture in growing a statewide plan. The Arkansas 529 plan offers families who wouldn’t normally be encouraged to save an opportunity to invest in a plan with minimal fees and great incentives. And, of course, you have to attribute some of its success to the performance of the market.
How important is Ugift to the success of the Arkansas 529 Plan?
The Ugift platform allows friends and family to contribute to the Arkansas plans. This tool eases the burden of “going it alone” when it comes to funding your kid’s future education. In a world of social media and crowdfunding, Ugift brings those things together so everyone can help save for qualified higher education expenses. Now it’s easy to give a birthday or Christmas gift of college.
How have you taken advantage of the 529?
I started here in IT before I even knew what a 529 was. Through questioning — I knew nothing about it — it gave me an opportunity [to learn about 529s] and to move into 529 programs. They didn’t have a dedicated director under [former Treasurer] Martha Shoffner. They needed someone who was familiar with the program, so my very first responsibility with the 529 Plan was marketing. It’s something I am passionate about.
What are the advantages of the Arkansas 529 GIFT Plan for college expenses?
One thing we strive for in our “direct sold” plan is to be accessible to everyone with the goal of saving for higher education. We do that by being flexible in how you can contribute. We understand that not everyone has traditional checking and savings accounts that help simplify the act of contributing.
What kind of outreach does the Treasurer’s Office use to spread the word about the 529 Plan?
Our outreach has been and continues to be grassroots. We found that roughly only 2 percent of the state’s population is aware of what a 529 is. Because of that, we have taken the unique approach of growing awareness through innovation and financial literacy. Innovation because financial tools aren’t so appealing at first glance, so by creating tools and providing tools that allow you to save in creative ways, we are able to regain the interests of those who wouldn’t normally see themselves saving.
We have also decided to promote our plan by offering financial literacy programming through EverFi. This program provides quality financial education free to schools in the state. We are also teaming up with Junior Achievement, Central Arkansas Library System, Central Arkansas Family Stability Institute, Crowley’s Ridge Development Council and the Association of Latino Professionals for America of Northwest Arkansas to increase awareness of our program and its goal to reduce student loan debt by educating families on ways to save for higher education expenses.
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