PITTSBURGH – With the help of some “elves” from Our Lady of Fatima School in Aliquippa, Treasurer Robin L. Wiessmann today previewed what is sure to be a popular holiday gift: a contribution to a nowU Pennsylvania 529 Guaranteed Savings Plan (GSP) account. Families that open an account or contribute to an existing account on or before December 18 can call (800) 440-4000 to receive a nowU gift acknowledgment card.
During an event at the Children’s Museum of Pittsburgh, Treasurer Wiessmann said, “Toys break and get recalled, video games quickly become passé, and kids grow out of clothes. A college education is a gift for life.
“Starting or contributing to a nowU GSP account is a hassle-free and meaningful idea for the holidays.”
This is a gift that is easy to give and receive:
- The GSP offers unique tax advantages, such as a deduction of up to $12,000 per beneficiary annually in contributions from Pennsylvania taxable income and tax-free earnings growth when used for qualified higher education expenses. Contributions made by December 31, 2007, can be deducted on 2007 state income tax returns.
- A GSP account can be used to pay for nearly all higher education expenses, including tuition, room and board, required books, supplies and equipment, mandatory fees, and special needs services.
For the past 15 years, the GSP has been helping Pennsylvania families make college possible for their children by allowing their savings to keep pace with tuition inflation.
Contributions to the GSP are tied to the rate of college tuition inflation, not the performance of the stock market. The GSP assures that if you save enough to pay for a semester of college today at a tuition level you choose, you'll have enough to pay for a semester of college at that tuition level tomorrow - no matter when, or how much college tuition rises in the meantime.
“Avoid the traffic, parking messes, and long lines at the mall,” Wiessmann continued. “It is easier than ever to open or contribute to an account via our newly redesigned Web site.” Simply call 1-800-440-4000 to request an enrollment kit or enroll online at www.nowU529.com. Now you can help make college possible for a child in your life!
During the event, Treasurer Wiessmann screened two new television advertisements promoting the nowU Pennsylvania 529 College Savings Program, which will begin airing across the Commonwealth on December 3, 2007.
The Pennsylvania Treasury Department, under the leadership of Treasurer Robin L. Wiessmann, acts as the Commonwealth’s bank, serving as custodian, investor and disburser of the Commonwealth’s funds. Treasury also offers a wide range of programs and services to Pennsylvania families, such as helping to make college possible with the nowU Pennsylvania College Savings Program; returning abandoned and unclaimed property to its rightful owner or heir; offering Pennsylvanians an alternative to payday lending through Better Choice; and funding energy efficient home improvements through the KeystoneHELP low-interest loan program. For more information about Treasurer Wiessmann and the Pennsylvania Treasury Department, visit www.patreasury.org.
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