HARRISBURG, PA — Pennsylvania’s annual PA 529 Day promotion generated nearly $72 million in contributions and more than 3,200 new education-savings accounts in May, surpassing last year’s record participation, state Treasurer Stacy Garrity reported Tuesday.
Six Pennsylvania residents were selected at random to receive $5,529 deposits into their PA 529 accounts, putting the promotion’s total awards at more than $33,000.
The winners are Sharwan Choudhary of Erie County, Yevgeniya Updyke of Allegheny County, Craig Litchfield of Tioga County, Kara Connors of Dauphin County, Joel Heintzelman of Luzerne County and Deepali Biswal of Delaware County.
Eligibility required Pennsylvania residents to contribute at least $10 to a PA 529 Guaranteed Savings Plan or PA 529 Investment Plan account between May 1 and May 31.
“Every child deserves the chance to pursue their dreams, and PA 529 can help families turn those dreams into reality,” Garrity stated.
The promotion adds to a PA 529 system that now has more than 343,000 accounts holding more than $10 billion, according to the Treasury Department.
Treasury has also repeatedly reduced program fees under Garrity, including waiving fees on Guaranteed Savings Plan accounts for five consecutive years. The department estimates those actions have saved Pennsylvania families nearly $28 million.
The program offers two savings structures. The PA 529 Guaranteed Savings Plan allows participants to save based on current tuition levels for future qualified education costs, while the PA 529 Investment Plan provides a range of investment options.
Both plans carry state and federal tax advantages, and assets held in PA 529 accounts do not affect eligibility for Pennsylvania state financial aid, according to Treasury.
The accounts can be used for qualifying expenses at colleges, technical schools and apprenticeship programs, including tuition, fees, books, equipment and room and board.
One of the winners, Deepali Biswal of Delaware County, described the $5,529 award as meaningful assistance toward future college costs.
“Any amount for your college is a great help,” Biswal stated.
PA 529 has operated for more than 30 years. Additional information is available at pa529.com.
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