PA 529 accounts help families save and pay for technical training with big tax advantages
Warren, PA - Treasurer Stacy Garrity, Sen. Scott Hutchinson (R-21) and Rep. Kathy Rapp (R-65) today visited the Warren County Career Center to promote the PA 529 College and Career Savings Program. The tour, led by Warren County School District Superintendent Amy Stewart, included a look at the culinary, health/medical, protective services, welding, and machine technology programs.
Attendees also enjoyed a lunch prepared by WCCC culinary students.
“There’s no doubt that our great state needs highly skilled workers, and the Warren County Career Center is working hard to make sure their students can have incredible careers. PA 529 accounts are a tremendous tool to help someone save and pay for technical training and certifications they need to enter the workforce, whether they are saving for postsecondary education right after high school, or a career change, PA 529 accounts are there for families to save with big tax benefits.”
Pennsylvania State Treasurer, Stacy Garrity
The PA 529 program has been helping families save for postsecondary education with big tax advantages for thirty years. PA 529 accounts can be used to pay for tuition, fees, books, equipment and room and board at technical schools, apprenticeship programs, community colleges, and four-year colleges and universities nationwide.
“Warren County is filled with hardworking Pennsylvanians who are looking to make an honest living,” Sen. Hutchinson said. “I’m happy that Treasurer Garrity could see firsthand how the Warren County Career Center carries out its daily mission to equip its students with the educational skills necessary to achieve their unique personal potential.”
Sen. Scott Hutchinson (R-21)
“I was honored to have Treasurer Garrity visit Warren County today to see our state-of-the-art technical school,” Rep. Rapp said. “Highly skilled workers are in demand, and will continue to be the backbone of our economy. PA 529 plans are great tools to help our workforce better afford training and certifications beyond high school.”
Rep. Kathy Rapp (R-65)
“The Warren County School District is honored to be hosting this tour of the Warren County Career Center,” Stewart said. “We are pleased to have this opportunity to share this facility, its programs, staff and student accomplishments with our state treasurer and legislators.”
Warren County School District Superintendent Amy Stewart
There are two PA 529 plans to choose from, the Morningstar Silver Rated PA 529 Investment Plan (IP) or the PA 529 Guaranteed Savings Plan (GSP). PA 529 IP account earnings are based on financial market performance and account owners can choose from various investment portfolios. PA 529 GSP account earnings are tied directly to college tuition inflation and allow families to save at a designated credit rate based on today’s tuition prices to cover future expenses.
Both plans offer state income tax deductions on contributions (up to $16,000 per beneficiary per year, $32,000 for married couples); tax-free growth on federal and Pennsylvania state income taxes; tax-free withdrawals for qualified expenses; and gift and inheritance tax benefits. Another advantage for PA 529 accounts is that assets do not affect eligibility for Pennsylvania state financial aid.
Pennsylvania’s youngest residents have a jumpstart on saving for their future with Keystone Scholars. The program offers a $100 investment for education savings to every baby born to a Pennsylvania family on January 1, 2019 or after. Visit pa529.com/keystone to access your child’s Keystone Scholars account and to learn more.