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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | January 31, 2016 11:51 AM |
|---|---|
| From: | Senator Rob Teplitz |
| To: | All Senate members |
| Subject: | Resolution – 529 Day |
| In the near future, I plan on introducing a resolution designating May 29th as “529 Day” to raise public awareness of the Pennsylvania 529 College Savings Program. 529 College Savings Programs, named after Section 529 of the Internal Revenue Code, provide special tax breaks to encourage families to save for a college education. Pennsylvania currently offers two saving programs. The first is PA 529 Guaranteed Savings Plan (GSP). The GSP is a simple way for families to set aside and accumulate funds to cover tuition, certain room and board costs, required books and supplies, fees, and even special needs services. This program falls under the auspices of the Pennsylvania Treasury Department, which invests the money in the low-risk GSP Fund. Regardless how the investments perform, the account growth is defined by tuition increases, meaning that the Fund assumes the responsibility of covering tuition, regardless of inflation, in any Pennsylvania State college or university. The second program is the PA 529 Investment Program (IP). This plan allows for families to select from a list of 13 investment options from the Vanguard Group, one of the US's largest financial service companies. These funds range from conservative to more aggressive portfolio investments, giving families even more choices on the investment of their funds earmarked for college tuition. By setting aside a modest amount of money each month into one of these college tuition plans, Pennsylvania’s families will have tuition paid for at the time of college enrollment and will save thousands of dollars in interest on student loans in the future. Please join me in supporting this resolution which helps hard-working Pennsylvania families ensure a solid future for their children. |
Introduced as SR378