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Pennsylvania House of Representatives
05/19/2024 03:43 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=42371
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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: March 26, 2024 11:06 AM
From: Representative John A. Schlegel
To: All House members
Subject: “College and Career Savings Day” in Pennsylvania
 
In the near future, I will be introducing a resolution designating May 29, 2024, as “College and Career Savings Day” in Pennsylvania.

When the Pennsylvania 529 College and Career Savings Program was signed into law on April 3, 1992, the Commonwealth recognized the importance and challenges of saving for higher education. “College and Career Savings Day” on May 29 will further encourage families and children to save for their future by reminding them that there are available tax-advantaged programs designed to help them save for postsecondary education, including four-year colleges and universities, community colleges, technical schools, qualified apprenticeship programs, and some K-12 expenses.

The PA 529 program gives Pennsylvania residents a tax-advantaged way to save for postsecondary education 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. The PA 529 Investment Plan was awarded the Morningstar Gold Rating, ranking it as one of the top two 529 plans in the nation and calling attention to the state treasurer’s “[e]ffective and unrelenting advocacy on behalf of investors,” “enhanced outreach and accessibility efforts,” and the reduction of plan fees.

PA 529 accounts offer generous tax benefits, including a state income tax deduction for contributions and no federal or state income taxes on investment growth. PA 529 account assets do not impact Pennsylvania state financial aid eligibility and can be used to help pay for tuition, fees, equipment, books, room and board and other qualified expenses at most schools.

The PA 529 College and Career Savings Program has helped many Pennsylvanian families save money for their child’s postsecondary education path for more than three decades. Please join me in cosponsoring this resolution.
 


Introduced as HR371