In a Section 529 tuition program, the person who sets up the account is not permitted to manage the investment of the assets in the plan. He or she must choose one of the investment options provided by the state in which the account is set up, and can only change the investment option for the account once each calendar year, or upon a change of the designated beneficiary of the account. Again due to the recent turmoil in the financial markets, the IRS issued Notice 2009-1 which provides that for calendar year 2009, the investment option may be changed twice.