SC babies born on May 29 to receive $529 in college savings

SC babies born on May 29 to receive $529 in college savings

COLUMBIA, SC (WCSC) - South Carolina Treasurer Curtis Loftis has announced a new privately funded PalmettoBaby Grant Program on National 529 Day, May 29, 2013. Every baby born in South Carolina on 5/29/13 will be eligible to receive a one-time $529 college savings grant when the parent or guardian of the newborn opens a Future Scholar 529 account.

The treasurer's office, which administers the South Carolina Future Scholar 529 College Savings Plan, is celebrating the growing success of the 529 Plan by recognizing these babies born on 5/29 as PalmettoBabies.

529 Day is dedicated to raising awareness of a tax-advantaged way for families to save for college – a 529 Plan. "Just like a 401(k) investment account is used to save for retirement, a 529 account is designed to accumulate college savings," Treasurer Loftis said.

The State Treasurer's Office has invited hospitals across the state to participate by promoting the PalmettoBaby Grant Program to parents who deliver on May 29, 2013.

"Hospitals all over South Carolina are doing a great job bringing babies into this world. The State Treasurer's Office would like to help every PalmettoBaby reach his or her full potential by awarding $529 college savings grants when parents or guardians open a 529 account for their newborn," Treasurer Loftis said. "We hope that other South Carolina families will be inspired to invest in their children's futures by enrolling in the Future Scholar 529 College Savings Plan. In 2012, the Treasurer's Office negotiated many improvements to the program, making it easier to use and more successful than ever."

"We should all celebrate National 529 Day across South Carolina. We all benefit when parents save so that their children can go to college and become educated citizens and leaders."