PENNSYLVANIA TREASURER UNVEILS NEW BRAND, COMMEMORATES MILESTONE FOR COLLEGE SAVINGS PROGRAM
HANOVER, Pa. – Pennsylvania Treasurer Robin L. Wiessmann today unveiled a new brand for the commonwealth’s successful college savings program. The new name and logo also coincide with the 10-year anniversary of the Treasury Department’s first college payments made through the program.
Formerly known as TAP 529, the commonwealth’s Section 529 college savings program has a new name – nowU – featuring a complementary new Web site, www.nowU529.com.
“It’s the same great program, but with a new, refreshed, identity,” explained Treasurer Wiessmann.
“Much has changed over the last 10 years, since the Treasury Department started making college payments through the TAP program for tens of thousands of college students,” Wiessmann said. “This is the perfect time to reenergize the program and attract new consumers through a new brand identity – nowU.”
The nowU tagline reads: “Make College Possible.” Treasurer Wiessmann said the new brand is intended to reassure consumers that paying for college does not have to be a seemingly unattainable goal. The key, she said, is to start saving now by enrolling in Pennsylvania’s nowU program.
“Saving for college is a daunting task for parents today. Many studies show that parents are simply overwhelmed by the challenge of saving such a substantial amount of money and by the seemingly endless array of financing options available,” Wiessmann said. “We understand, and we want to reassure consumers that there is an easy way to save now by enrolling in nowU.”
Treasurer Wiessmann unveiled the nowU brand at the Snyder’s of Hanover headquarters in Hanover, Pa. She was joined by officials from Snyder’s of Hanover, as well as nowU program administrator, Upromise Investments, Inc. and investment manager, Vanguard.
Upromise allows consumers to save money for college simply by making everyday purchases at participating vendors. Its rewards service gives Upromise and nowU members money back for college when they buy any of thousands of health, household and grocery items, including dozens of food products from Snyder’s of Hanover.
“Snyder’s of Hanover is a founding member of the Upromise® service, helping consumers save for college with their everyday snack purchases since 2001. As such, we’re thrilled that Upromise and the Pennsylvania Treasury Department are partners in the nowU program, making it easier for all residents of the commonwealth to save for college,” said Carl Lee, president and chief executive officer of Snyder’s of Hanover. “The Upromise service provides added value to our customers and allows them to get a head start on saving for their children’s college education.”
Since Pennsylvania began partnering with Upromise to administer its college savings program a year ago, more than 13,000 new college savings accounts were opened online through the program and more than $1 million in savings have been funneled from Upromise accounts to nowU accounts.
“Pennsylvania’s nowU program and Upromise are ideal partners with the same goal of making it easier for people to save and invest for their children’s college education,” said Jim Fadule, president of Upromise Investments, Inc. “Through this relationship, nowU account holders can save even more just by shopping and dining.”
Consumers have two options through the nowU College Savings Program: the Pennsylvania 529 Guaranteed Savings Plan (GSP) or the Pennsylvania 529 Investment Plan. Upromise Investments, Inc. is the program manager for the Pennsylvania 529 Investment Plan and Upromise Investment Advisors, LLC is the record-keeper and servicing agent for both plans. Vanguard is the investment manager for the Investment Plan.
Sponsored by the Commonwealth of Pennsylvania and administered by the Pennsylvania Treasury Department, the GSP provides a lower risk and affordable way for consumers to save for tomorrow's college expenses at today's tuition rates. It provides a guarantee that contributions will keep pace with tuition inflation.*
The GSP has earned an A3 rating from Moody’s Investors Service, one of the world’s most respected sources for credit rating and risk analysis.In 2005, Moody’s rated an investment in the GSP to be “upper medium grade” and subject to “low credit risk.”
The Investment Plan gives college savers the flexibility to choose from among 13 investment options, including three Age-Based portfolios, from Vanguard, one of the nation’s largest financial services companies. The Treasury Department chose Valley Forge-based Vanguard in 2006 as investment manager and distributor for this plan.
“We understand the financial strain college can place on families, and we’re pleased to be able to help ease this burden for Pennsylvania residents through low-cost, broadly diversified investment options and world-class client services,” said principal John Heywood of Pennsylvania-based Vanguard.
Treasurer Wiessmann said it’s never too early to begin saving for college.
“Parents and guardians can ‘Make College Possible’ by simply enrolling in one of the nowU plans,” Wiessmann said. “Both offer a great way to save money for your child’s college education.”
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*The guarantee is that, when used for qualified higher education expenses, your contributions will grow at the rate of tuition inflation at a Tuition Level that you choose. If the applicable GSP Credit Rate at the time a contribution is made has a premium, however, your rate of growth will be lower than the actual rate of tuition inflation at your Tuition Level by approximately the rate of the premium. Premiums do not, however, alter the way in which the dollar value of your account is determined. When used for qualified higher education expenses, each GSP Credit will still have the full value of the actual per credit tuition cost. The guarantee is an obligation of the Pennsylvania GSP Fund only. The guarantee is not backed by the full faith and credit of the Commonwealth of Pennsylvania, and is not an obligation of the Commonwealth of Pennsylvania, the Pennsylvania Treasury Department, Upromise Investments, Inc., Upromise Investment Advisors, LLC, or any other party. The GSP is not insured by the Federal Deposit Insurance Corporation or any other government agency.
About The Pennsylvania Treasury Department
The Pennsylvania Treasury Department, under the leadership of Treasurer Robin L. Wiessmann, strives to achieve prudent yet competitive market returns for the Commonwealth’s investments, while ensuring that those investments meet the highest fiduciary standards. Treasury also offers a wide range of programs and services to Pennsylvania families, such as helping to make college possible with the Pennsylvania College Savings Program; returning abandoned and unclaimed property to its rightful owner or heir; and funding energy efficient home improvements through the KeystoneHELP low-interest loan program.
About Snyder’s of Hanover
Snyder’s of Hanover is the No. 1 selling pretzel brand in supermarkets throughout the United States and its products are distributed internationally to more than 30 countries. Based in Hanover, PA, Snyder’s of Hanover is privately owned and is America’s Pretzel Bakery since 1909.TM. Snyder’s of Hanover bakes its healthy-for-you snacks at bakeries in both Hanover and Goodyear, Arizona and is a charter participant in the Upromise Grocery Program dating to the program’s inception in 2001.
About Upromise
Upromise Investments, Inc., who serves as the Program Manager for Pennsylvania’s 529 Investment Plan, and Recordkeeping and Servicing Agent for the nowU Pennsylvania College Savings Program, is a registered broker-dealer. The company is focused solely on providing 529 plan management and marketing services to state partners and families saving for college. In total, Upromise currently provides program management and administration services to more than 1.3million accounts with over $18 billion in assets across direct, advisor, and prepaid savings plans sponsored by nine separate states.
Upromise Investments affiliate, Upromise, Inc., provides a free Rewards Service, allowing more than 8 million members nationwide to accumulate college savings when making eligible everyday purchases.
About Vanguard
Vanguard, an investment manager and distributor for Pennsylvania’s 529 Investment Plan – part of the nowU college savings program – is one of the nation’s most respected investment management firms and a leader in the 529 College Savings marketplace. Vanguard manages more than $1.2 trillion in U.S. mutual fund assets, including offering investment options in 19 state 529 plans totaling over $20 billion in assets.
For more information about nowU—Pennsylvania’s 529 College Savings Program, call 1-800-440-4000 for the GSP and 1-800-294-6195 for the Investment Plan orvisit www.nowU529.com to obtain each Plan’s Disclosure Statement. Investment objectives, risks, charges, expenses, and other important information about the GSP and the Investment Plan are included in their respective Disclosure Statements. Read and consider them carefully before investing. If you are not a Pennsylvania taxpayer, consider before investing whether your or the designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.
The GSP is sponsored by the Commonwealth of Pennsylvania and administered by the Pennsylvania Treasury Department. The guarantee described herein is made by the Tuition Account Guaranteed Savings Program Fund only and is not an obligation of the Commonwealth. The Disclosure Statement provides important information about limits to this guarantee. The GSP is not insured by the Federal Deposit Insurance Corporation or any other government agency. Upromise Investment Advisors, LLC serves as Program Recordkeeping and Servicing Agent, which includes effecting transactions.
Upromise rewards is an optional online service offered by Upromise, Inc. and is separate from the nowU program. Specific terms and conditions apply. Participating companies, contribution levels, terms and conditions subject to change without notice. Transfers subject to $25 minimum.
Upromise is a registered service mark of Upromise, Inc. Vanguard is a trademark of The Vanguard Group, Inc. Used with permission.
