Pittsburgh Review

Qualifying PA 529 Guaranteed Savings Plan (GSP) account owners will be receiving $100 deposits, and all asset-based fees will be waived for the fiscal year starting July 1; a recent release from Pennsylvania Treasurer Stacy Garrity’s office said.

Those eligible for the $100 deposit must have a PA 529 GSP account with a minimum of $100 in contributions as of June 30. Deposit and fee waivers are funded by the PA 529 GSP surplus earnings.

“The PA 529 GSP is a great way to offset the effects of inflation,” Garrity said in the release. “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.”

The PA 529 College and Career Savings Program is to help families save for future education expenses, the release said. The two plans offered are the PA 529 GSP and the Morningstar Silver Rated PA 529 Investment Plan. The PA 529 GSP plan is for families to save at today’s tuition rates for tomorrow’s tuition costs. The Morningstar Silver Rated plan offers various investment options. The plans have state and federal tax advantages that can be used for technical, collegiate, apprenticeship and K-12 school expenses.

There are approximately 110,000 PA 529 GSP accounts with $2.2 billion saved for postsecondary education expenses in the future, the release said. The account earnings are based on college tuition inflation. Families can select a tuition credit rate to save at for any college ranging from a community college to Ivy League. 

“Investing in the PA 529 GSP gives parents peace of mind,” Garrity said. “They know that as tuition rates climb, they’ve already locked in their child’s future education at today’s price.”

For more information, visit pa529.com.