The upcoming holiday gifting season is a perfect time to review the incredible 529 college savings plan opportunity to build a tax-free fund for college, which can be used by any member of your family. And with recent improvements, even if your child gets a scholarship or decides not to attend college, the money can continue growing for other children in the family, or even as a Roth IRA rollover. Congress created the 529 college savings plan in 1996, named after the section of the IRS code that governs it.