Philadelphia Union teams up with PA Treasury for the PA529 College Savings program
Success in the classroom is just as important as success on the field.
The Philadelphia Union believe both go hand in hand and are very proud of many of our athletes who currently juggle both a pro career and classes to earn a degree.
The same goes for everyone that supports this club. That’s why the Union has teamed up with the Pennsylvania Treasury to promote the PA 529 College Savings Program, which provides two tax-advantaged ways to save for higher education expenses.
“The Pennsylvania 529 College Savings Program can help families save for tomorrow’s higher education costs in a tax-advantaged way,” said Pennsylvania State Treasurer Rob McCord. “Whether it is a little or a lot, I urge families to save something, and act now. It will be money well invested, and it will help make college more affordable and accessible.”
Contributions to a PA 529 plan made by December 31 are deductible from Pennsylvania income taxes (up to $13,000 per beneficiary, or up to $26,000 for married couples provided each individual has income of at least the amount deducted), grow tax free, and when used for qualified educational expenses, earnings are federal and state tax exempt.
The program’s two plans include the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). Both plans provide flexibility to pay for college expenses at most higher education institutions across the country. The primary difference between the two plans is the way savings grow.
The PA 529 GSP is designed to help savings grow to meet the future cost of education. When used for qualified higher education expenses, PA 529 GSP contributions grow based on tuition inflation (subject to fees and premiums). For example, if you save enough for one semester today at a State System of Higher Education university, you will have enough for one semester there in the future, no matter when or how much tuition has increased in the meantime.
The PA 529 IP features low fees and more than a dozen conservative and aggressive investment options from The Vanguard Group, one of the nation’s largest financial services companies.
”The Philadelphia Union’s work to help children reach their potential is admirable, and they are making great strides,” said Treasurer McCord. “In today’s day and age, the evidence is increasingly clear one cannot realize their fullest potential without an education – particularly some form of higher education. We are pleased to partner with the Union to serve the communities we all cherish and to help our neighbors enjoy happy and healthy lives rooted in economic security.”
Union fans that sign up for the program via www.pa529.com will be prompted to enter the PROMO code: “UNION." In doing so, they will receive Spirit membership status into the Philadelphia Union Junior Supporters Club and will be entered to win a scholarship into the Philadelphia Union Summer Soccer Schools program.
“Higher education has become an economic necessity,” Treasurer McCord said. “The more you learn, the more you are likely to earn throughout your career, and the more likely you are to avoid periods of unemployment. I understand budgets are tight for many families, but even small contributions to a Pennsylvania 529 college savings account will help you meet the growing costs of higher education and increase your child’s shot of achieving economic security.”
Note: The Pennsylvania 529 College Savings Program sponsors two plans – the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The guarantee of the PA 529 Guaranteed Savings Plan is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan’s disclosure statement (available at www.PA529.com or by calling 1-800-440-4000) to learn more about that plan, including investment objectives, risks, fees, and tax implications.