HARRISBURG, Pa. (WHTM) – Pennsylvania State Treasurer Stacy Garrity today announced that qualifying PA 529 Guaranteed Savings Plan (GSP) account owners will receive a $100 account deposit.
In addition, all PA 529 GSP account owners’ asset-based fees will be waived for the fiscal year, beginning July 1, 2022. The deposit and fee waivers are being funded by PA 529 GSP surplus earnings.
To be eligible for the $100 deposit, a PA 529 GSP account must have a minimum of $100 in contributions as of June 30, 2022. Account earnings do not count toward the qualifying $100.
“The PA 529 GSP is a great way to offset the effects of inflation,” Garrity said. “Any family looking to make postsecondary education more affordable should consider the benefits of the PA 529 GSP. Giving participants this deposit and a year of waived asset-based fees is a way to share the success of the plan with families who are dedicated to saving for their child’s education.”
There are nearly 110,000 PA 529 GSP accounts with $2.2 billion already saved for future post-secondary education expenses. Account earnings are based on college tuition inflation rates, and families can select the tuition credit rate they wish to save at, whether that’s a community college or an Ivy League university. Saving at today’s credit rate will cover the same credit in the future.
The Treasury offers two plans: the PA 529 GSP, which allows families to save at today’s tuition rates to meet tomorrow’s tuition costs, and the Morningstar Silver Rated PA 529 Investment Plan, which offers a variety of investment options.
PA 529 plans have state and federal tax advantages and can be used for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses.
To learn more, visit pa529.com or call 800-440-4000.