State Treasurer Janet Cowell wants Congress to improve the structure of 529 College Savings Plans and increase participation by low- and moderate-income families.

Cowell has urged adoption of legislation that will help families save for college and allow for more flexibility in managing investments in the 529 plans. The Savings Enhancement for Education in College Act would extend the SAVERs Credit to college savings accounts as well as retirement plans, thereby encouraging low- and middle-income families to save.

It also would allow 529 plans to pay for computer equipment and would allow families to adjust their investment allocation more than once a year.

"This bill would give families more flexibility to respond to market conditions and allow 529 plan investment changes twice a year," Cowell said in a statement. "Additionally, by extending the tax credit families will have more incentive to save for their children's future."