On Thursday, February 18, PFCU’s Financial Educator Erin Ellis hosted a “Saving for Children” webinar where she discussed savings programs that exist both within and outside of PFCU such as the PA 529 College and Career Savings program and the Keystone Scholars program, as well as ways to increase and incentivize saving.
The webinar was hosted in collaboration with three guest experts: Ryan Buxton, Field Representative, Bureau of Savings Programs for the PA Treasury Department; Toni V. Corinealdi, Community Outreach Director for Fund My Future; and Sarah Dieleman Perry, Director of Economic Opportunity for Neighborhood Allies.
During this webinar, Erin and the experts also talked about a brand-new incentive to the program—an additional $50 for babies who are enrolled in The Pennsylvania Special Supplemental Nutrition Program for Women, Infants and Children (WIC).
If you missed this month’s Saving for Children webinar but still want to learn more about paying for your child’s college, be sure to sign up for our Paying for College webinar, which is scheduled for Tuesday, March 23, 2021! In the meantime, feel free to check out additional information about the saving programs, more upcoming events and classes hosted by PFCU by consulting our Events and Classes calendar.
ABOUT PENNSYLVANIA 529 COLLEGE AND CAREER SAVINGS PROGRAM
The PA 529 is a college and career savings account that grows over time, providing a smart, tax advantaged way for families to save for their child’s education. The Pennsylvania 529 College and Career Savings Program offers two plans: the PA 529 Guaranteed Savings Plan (GSP), in which growth is tied to the rate of college tuition inflation, and the PA 529 Investment Plan (IP), in which investment returns are determined by financial markets. The Pennsylvania 529 College and Career Savings Program is sponsored by the Commonwealth of Pennsylvania and administered by the Pennsylvania Treasury.
ABOUT KEYSTONE SCHOLARS
Through the Keystone Scholars program, the Pennsylvania Treasury provides $100 every child born in Pennsylvania after December 31, 2018 to use toward their post-secondary education expenses such as tuition, fees, books, and more at a vocational or technical school, community college, two-year college, or four-year university. This money is invested by the PA Treasury and therefore grows with the child.
ABOUT FUND MY FUTURE
Fund My Future—with support from the Allegheny County Executive, the Mayor of Pittsburgh, and other local elected officials—became available to families in Allegheny County in 2017 to help them save for college and other post-secondary goals. Now, with the support from the PA State Treasurer, Fund My Future is currently available to all families in Pennsylvania. In order to participate, any adult over 18 residing in Pennsylvania can take the PA Savings Pledge. In order to be eligible for the various raffle prizes, you must make a deposit into an existing children’s savings account or 529 plan, or open a new one to be eligible. With five $1,000 prizes and sixty $50 prizes up for grabs every month, Fund My Future makes the saving experience fun and creates an incredible opportunity for everyone who saves at least $1 each month for a child.
ABOUT NEIGHBORHOOD ALLIES
Neighborhood Allies is a unique community development partner in the sense that it is part funder, lender, connector, and consultant. By listening to the needs of neighborhoods and serving as a catalyst for change, Neighborhood Allies’ approach to neighborhood revitalization is comprehensive and multifaceted. The organization makes and supports neighborhood-based investments that seed ideas, helps transform vulnerable neighborhoods, and identifies scalable ways to create positive social impact.