22 VA Babies to Win College Savings AccountsPosted: Updated:
Virginia529 Press Release
RICHMOND, Virginia – May 27, 2014 – The right timing and a little bit of luck will earn 22 newborns a college savings account valued at $529 from the Virginia529 College Savings Plan (Virginia529). The criteria for winning: being born the closest to 5:29 pm on May 29, 2014 at a participating hospital in Virginia.
The initiative is part of Virginia529’s efforts to raise awareness about the importance of saving for higher education through tax-advantaged 529 plans. May 29 (5/29) is celebrated nationally as 529 College Savings Day.
“This is a fun way to remind parents and grandparents that these babies will be off to college before they know it,” said Mary G. Morris, CEO of Virginia529. “We’re not trying to rush them, but the reality is 25 percent of people procrastinate when it comes to saving for the future educations of their children or grandchildren – and getting started early, even with small amounts, can make a big difference.”
One baby will win at each of these hospitals participating in the 529 Day contest:
Augusta Health, Centra Southside Community Hospital, Farmville Clinch Valley Medical Center, Richlands Fauquier Hospital, Warrenton Henrico Doctors' Hospital, Richmond Inova Alexandria Hospital, Alexandria Inova Fairfax Hospital, Falls Church Inova Fair Oaks Hospital, Fairfax Johnston Memorial Hospital, Abingdon Martha Jefferson Hospital, Charlottesville Norton Community Hospital, Norton Southampton Memorial Hospital, Franklin Sentara Leigh Hospital, Norfolk Sentara Norfolk General Hospital, Norfolk Sentara Northern Virginia Medical Center, Woodbridge Sentara Obici Hospital, Woodbridge Sentara Princess Anne Hospital, Virginia Beach Sentara RMH Medical Center, Harrisonburg Sentara Williamsburg Regional Medical Center, Williamsburg Southampton Memorial Hospital, Franklin VCU Health Systems, Richmond Warren Memorial Hospital, Front Royal Winchester Medical Center, Winchester Virginia529 is offering other incentives this month in which everyone can participate. People who open new Virginia529 inVEST accounts with at least $100 through May 29 will receive a $50 match from Virginia529. They also will award to one lucky person a $2,500 contribution to a new or existing Virginia529 account.
The tax advantages of 529 accounts make them smart solutions for avoiding student debt. Earnings on the savings in 529 accounts are free from state and federal taxes when used for qualified higher education expenses. Virginia taxpayers enjoy an additional benefit when saving with Virginia529: a state individual income-tax deduction of up to $4,000 per account per year.
Learn more about Virginia529’s 529 Day special offers at Virginia529.com/529day.
About Virginia529 College Savings Plan:
Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs: Virginia529 prePAID SM (prePAID SM), Virginia529 inVEST SM (inVEST SM), CollegeAmerica® and CollegeWealth®. More than $50 billion in assets under management and 2.3 million accounts as of March 31, 2014 make Virginia529 the largest 529 plan available. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest.