$529 College Savings Grants Awarded to SC Babies Born on May 29th in Celebration of National 529
May 27, 2015
State Treasurer Curtis Loftis announced third annual PalmettoBaby Grant Program at MUSC
COLUMBIA, SC – State Treasurer Curtis M. Loftis, Jr. announced the third annual PalmettoBaby grant program on May 27th at 10:00 a.m. at the Medical University of South Carolina. The PalmettoBaby grant program celebrates the record setting success of South Carolina’s Future Scholar 529 College Savings Plan, administered by the Office of State Treasurer. In celebration of National 529 day, every baby born in South Carolina on May 29, 2015, is eligible to receive a one-time privately funded $529 college savings grant into an existing Future Scholar account or when the parent or guardian of the newborn opens a new Future Scholar 529 account. Each year, approximately 155 babies are born in South Carolina on May 29th. The Office of State Treasurer has invited hospitals across the state to participate in delivering news of the PalmettoBaby grants to the new parents. MUSC Hospital CEO Dr. Pat Cawley, MUSC Hospital COO Matt Wain, and Executive Nursing Director and Women’s Health Administrator Robin Mutz joined Treasurer Loftis for the announcement.
“Celebrating National 529 Day by awarding privately funded $529 grants to PalmettoBabies is a great way to encourage families across South Carolina to mark 529 Day themselves by opening their own Future Scholar accounts,” Treasurer Loftis said. “It can never be too early to begin saving for a loved one’s future college education.”
“We are delighted to work with the State Treasurer’s Office to generate awareness of the Future Scholar Palmetto Baby program,” said Matt Wain, MUSC Medical Center Chief Operating Officer. “This is a valuable program for our statewide community, and we at MUSC applaud the State Treasurer’s Office for launching a program that addresses the financial, physical and mental well-being of South Carolina children and families.”
The Future Scholar 529 Plan has expanded its investment options, reduced management fees, and its marketing campaign utilizes no state tax dollars. Future Scholar has shown dramatic increases in new accounts and assets and currently has 116,000 accounts and holds $2.3 billion in assets under management.
“This year Future Scholar reached record setting numbers in both families enrolled in the program and money invested in the program,” Treasurer Loftis said. “This level of participation is not only important for the families saving for college, it is also the sign of a bright future for the state of South Carolina,” Treasurer Loftis added.
The Wall Street Journal has recognized South Carolina’s Future Scholar plan as having the highest state tax deduction of any 529 plan in the country. Money Magazine called Future Scholar a leader in low fees and praised the contract re-negotiation, saying, “South Carolina eliminated program management fees and dropped investment expenses for in-state residents.” Savingforcollege.com, an organization that evaluates 529 plans, gave South Carolina’s Future Scholar plan its highest rating of five CAPS.
529 Day is dedicated to raising awareness of 529 college savings plans. 529 plans offer opportunities for tax deductible contributions, tax-deferred growth and tax-free distributions for qualified education-based purposes. South Carolina’s Future Scholar 529 plan does not require students to attend college in South Carolina. No minimum amount is necessary to open an account, and anyone can contribute to a Future Scholar account.
No tax dollars are used in the marketing of the Future Scholar plan or PalmettoBaby Grant Program. For more information on the PalmettoBaby Grant Program, visit www.scpalmettobaby.com.
