Win $5,529 toward college savings with the Summer Reading Program sweepstakes
GPLS News, June 2010
"In order to better prepare our state's children for a lifetime of success, instilling fundamental values, such as the love of reading, is vital," said First Lady Mary Perdue.
ATLANTA, Ga. | June 16, 2010
This summer, reading with your children will not only help them improve their literacy skills and better prepare for the coming school year, but by participating in the 2010 Summer Reading Program at libraries across Georgia, you could also help fund your child’s 529 college savings plan as well. Today, at Cobb County’s Central Library, First Lady Mary Perdue, Path2College 529 Plan, Georgia’s public libraries, State Librarian Dr. Lamar Veatch and Deputy State Librarian Julie Walker, came together to encourage Georgia’s children to get involved in the Make a Splash – Save for College Sweepstakes and encourage them to continue reading throughout the summer.
"In order to better prepare our state's children for a lifetime of success, instilling fundamental values, such as the love of reading, is vital," said First Lady Mary Perdue. "Reading is a great way for families to spend time together, and as children grow and are able to read on their own, it opens up a world of imagination for them year-round."
The Make a Splash – Save for College Sweepstakes, which is open through July 31, will award one Summer Reading Program participant the grand prize of $5,529 toward a Path2College 529 Plan account.
“Summer reading programs have always been a great way for families to spend time reading with their children, and reading can lead to a lifetime of learning,” said Chuck Penuel, director of the Path2College 529 Plan. “By partnering with Georgia’s public libraries, we hope to encourage parents to think about their children’s continued education as well, and we’re excited to be able to offer an opportunity to win a good foundation toward building their college savings.”
Additionally, the winner’s local public library will also receive $1,000 to be used for its children’s and teen’s department. Also, the Georgia library with the greatest number of entries and the Georgia library system with the greatest percentage of their registered users entered into the sweepstakes will each win $1,529 for their children’s and teen’s materials and programming.
Currently, nearly 2,300 Georgia children are already making a splash in the summer reading program by entering to win the Make a Splash—Save for college Sweepstakes.
“We are encouraged by the number of students participating—it not only means that more of Georgia’s children are reading over the summer, but it also hopefully means that their families are thinking about college savings,” said Penuel.
Additionally, Penuel announced that the Grayson Public Library is currently in the lead with 78 entries followed by the Suwanee Branch with 51 entries, both part of the Gwinnett Public Libraries. There are numerous libraries with forty or more entries including the Columbus Public Library of the Chattahoochee Valley Library System, Athens-Clarke County Library of the Athens Regional Library System, Perry Public Library of the Houston County Library System and Woodstock of the Sequoyah Regional Library.
Legal residents of the State of Georgia who are at least 21 years of age and are a parent, grandparent or legal guardian of a child born after 1993 and who is participating in the 2010 Summer Reading Program may find the official rules and enter the sweepstakes online at www.path2college529.com. No purchase necessary. Void where prohibited.
“Whether your child is just starting his or her educational career, or they are well on their way toward college, if parents haven’t already done so, now is the time to think about preparing them for a successful academic journey, which includes both a strong reading foundation and saving for a college education,” said Penuel.
The Path2College 529 Plan will randomly draw a winner for the $5,529 Path2College 529 Plan account in early August. The winner, along with the two winning libraries and the winning library system, will be recognized in early September.
“Reading is such an important part of every child’s education, and the earlier parents start, the better foundation they have for the future,” said Elaine Black, director of Youth Services Georgia Public Libraries. “The same is true with a college savings, and we are happy to partner with Path2College not only to give parents and children an incentive to read together, but also to encourage families to start thinking about saving for college.”
The Path2College 529 Plan is a professionally managed and tax-advantaged way for families to save for college expenses. All Georgia taxpayers, regardless of their annual income, may contribute to a plan account and deduct up to $2,000 each year on behalf of any beneficiary. (A transfer of funds from another state’s 529 plan is not eligible for the Georgia income tax deduction.) It can be used to pay for college tuition and other qualified expenses, such as books and fees, and certain room and board costs, for colleges in Georgia and nationwide. The plan offers seven investment options, no sign-up, maintenance or third-party sales fees - only an annual asset-based management fee of less than 1 percent. Accounts can be opened online with as little as $25. Any earnings in the Path2College 529 Plan are federal and state income tax-deferred and withdrawals for qualified expenses are also tax-free.*
Once an account is established, additional contributions can be made to the account by check, periodic electronic funds transfer, or by using our Automatic Contribution Plan that allows you to schedule regular monthly, bi-monthly or quarterly contributions. In addition to the Automatic Contribution Plan, many participating employers offer payroll deduction as a way to make regular contributions. Account owners should contact their benefits or payroll office to determine if their employer offers payroll deduction.
You can go online to learn more about the options and enroll at www.Path2College529.com, or you can call toll-free, 877-424-4377, to speak with a college savings specialist who can walk you through the process.
The Path2College 529 Plan is managed by TIAA-CREF Tuition Financing, Inc., which is part of the TIAA-CREF group of companies. TIAA-CREF was founded by Andrew Carnegie and is one of the largest financial services firms in the U.S. with $414 billion in assets under management as of December 31, 2009
For more information on the Path2College 529 Plan, visit: www.path2college529.com or call (877) 424-4377.
Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. Please visit www.path2college529.com for a Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.
We are required to notify you that the tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. It was written to support the promotion of the Path2College 529 Plan. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
*The earnings portion of non-qualified withdrawals are subject to income taxes and the federal additional 10% tax.
Account value for the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.
2010 TIAA-CREF Tuition Financing, Inc., Program Manager.
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