PRINTER'S NO. 2853
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No.
371
Session of
2024
INTRODUCED BY SCHLEGEL, FLICK, KINSEY AND ROWE, APRIL 3, 2024
REFERRED TO COMMITTEE ON FINANCE, APRIL 3, 2024
A RESOLUTION
Designating May 29, 2024, as "College and Career Savings Day" in
Pennsylvania.
WHEREAS, The Pennsylvania 529 College and Career Savings
Program was signed into law as the "Tuition Account Programs and
College Savings Bond Act" on April 3, 1992; and
WHEREAS, The PA 529 College and Career Savings Program gives
Pennsylvania residents a tax-advantaged way to save for
postsecondary education, reducing the need for borrowing; and
WHEREAS, Residents of this Commonwealth can choose to save
through the PA 529 Guaranteed Savings Plan, in which savings
grow based on college tuition inflation, or the PA 529
Investment Plan, in which savings grow based on investment
decisions and market performance; and
WHEREAS, The PA 529 Investment Plan was awarded the
Morningstar Gold Rating, ranking it as one of the very best 529
plans in the nation and calling attention to the State
Treasurer's "effective and unrelenting advocacy on behalf of
investors," "enhanced outreach and accessibility efforts," and
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reduction of plan fees; and
WHEREAS, PA 529 accounts offer generous tax benefits,
including a State income tax deduction for contributions, no
Federal or State income taxes on investment growth, tax-free
withdrawals for qualified expenses and gift and inheritance tax
benefits, and PA 529 account assets have no effect on State
financial aid eligibility; and
WHEREAS, More than 289,000 PA 529 accounts, including nearly
112,000 Guaranteed Savings Plan accounts and nearly 181,000
Investment Plan accounts, currently hold more than $6.4 billion
in savings; and
WHEREAS, Savings in PA 529 accounts can be used to help pay
for tuition, fees, equipment, books, room and board and other
qualified expenses at most schools nationwide, including K-12,
four-year colleges and universities, community colleges,
technical schools and qualified apprenticeship programs; and
WHEREAS, The Treasury Department has the statutory
responsibility to administer the PA 529 College and Career
Savings Program; and
WHEREAS, Designating May 29, 2024, as "College and Career
Savings Day" serves to increase public understanding and
appreciation of the value of saving for postsecondary education
through the PA 529 College and Career Savings Program; therefore
be it
RESOLVED, That the House of Representatives designate May 29,
2024, as "College and Career Savings Day" in Pennsylvania.
20240HR0371PN2853 - 2 -
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