PRINTER'S NO. 1825
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE RESOLUTION
No.
378
Session of
2015
INTRODUCED BY TEPLITZ, GREENLEAF, DINNIMAN, FONTANA, SCHWANK,
RAFFERTY, VULAKOVICH, FARNESE, YUDICHAK, KITCHEN, COSTA,
BREWSTER, HUGHES AND HAYWOOD, MAY 17, 2016
INTRODUCED AND ADOPTED, MAY 17, 2016
A RESOLUTION
Recognizing May 29, 2016, as "529 Day" in Pennsylvania.
WHEREAS, Saving for a college education is an important
investment in a child's future; and
WHEREAS, A 529 plan is a college savings plan sponsored by a
state or state agency; and
WHEREAS, Savings can be used for tuition, books and other
education-related expenses at most accredited two-year and four-
year colleges and universities, United States vocational-
technical schools and eligible foreign institutions; and
WHEREAS, United States residents of any state, who are 18
years of age or older, or the age of majority in some states,
may invest in most state plans; and
WHEREAS, While the first college savings plans were developed
by states in 1988 as innovative programs designed to help
families and students save for higher education expenses, it was
not until the enactment of Section 529 of the Internal Revenue
Code by Congress in 1996 that college savings plans began to
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rapidly gain popularity across the country; and
WHEREAS, Today, 49 states and the District of Columbia offer
529 college savings plans, nearly 12 million 529 accounts have
been opened, more than $244 billion have been saved for future
higher education expenses and more than one million students
nationwide have withdrawn funds from 529 accounts to help pay
higher education expenses; and
WHEREAS, The residents of this Commonwealth recognize the
challenge and accept the responsibility of obtaining the
education and skills that will enable them to successfully
compete in the global economy of the 21st century; and
WHEREAS, Since 1980, the rate of increase of the cost of
postsecondary education has exceeded the rate of increase of
inflation, public assistance to students and family income; and
WHEREAS, The contributions that families make today pay off
in the form of an increased earning potential for their children
in the future, with a college graduate earning an average of $1
million more than a high school graduate during his or her
career according to the United States Census Bureau; and
WHEREAS, May 29th is recognized nationally as "529 College
Savings Day" to help raise awareness across the country of the
importance of saving for college with the help of 529 college
savings plans; therefore be it
RESOLVED, That the Senate of Pennsylvania recognize May 29,
2016, as "529 Day" in Pennsylvania.
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