Treasurer Stacy Garrity Announces $5.5 Million in Savings for PA 529 GSP Owners Treasurer Stacy Garrity today announced that asset-based fees will be waived for PA 529 Guaranteed Savings Plan (GSP) account owners for the third year in a row. This year’s fee waiver will save families $5.5 million and is funded by PA 529 GSP surplus earnings. “Waiving these fees makes our fantastic PA 529 Guaranteed Savings Plan even stronger for the families using it to save for their child’s future education,” Treasurer Garrity said. “The PA 529 GSP helps families meet their savings goals no matter what path their child will take in the future, whether that’s career training, an apprenticeship, technical school, community college or a four-year university. For families, this means more money saved for the future, which means less to borrow when a child chooses their path.” This year’s PA 529 GSP fee waiver went into effect on July 1, 2024, and account owners will not see any asset-based fees on quarterly account statements through June 30, 2025. Treasurer Garrity has also cut fees multiple times for the Morningstar Gold-Rated PA 529 Investment Plan (IP). In total, fee cuts and waivers for all PA 529 College and Career Savings Program accounts will save families more than $16.5 million by the end of the current fiscal year. PA 529 accounts are designed to help Pennsylvania families steadily and strategically save for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. There are significant state and federal tax benefits when saving with PA 529, and PA 529 assets do not impact eligibility for Pennsylvania state financial aid. The PA 529 GSP allows families to save at today’s tuition rates to meet tomorrow’s tuition costs. Account earnings are based on college tuition inflation rates, and families can choose the tuition credit rate they wish to save at from community colleges to Ivy League universities. The PA 529 IP offers a variety of investment options. Account earnings are dependent upon financial market performance. PA 529 has been helping families meet their savings goals for more than 30 years. There are more than 300,000 PA 529 accounts, including more than 113,000 PA 529 GSP accounts and more than 187,000 PA 529 IP accounts. Families currently have nearly $8 billion saved for future education expenses. To learn more about PA 529, visit pa529.com or call 800-440-4000.
Treasurer Stacy Garrity Announces $100 Deposits, Waived Fees for PA 529 GSP Account Owners Treasurer Stacy Garrity today announced that qualifying PA 529 Guaranteed Savings Plan (GSP) account owners will receive a $100 account deposit. In addition, all PA 529 GSP account owners’ asset-based fees will be waived for the fiscal year, beginning July 1, 2022. The deposit and fee waivers are being funded by PA 529 GSP surplus earnings. “The PA 529 GSP is a great way to offset the effects of inflation,” Garrity said. “Any family looking to make postsecondary education more affordable should consider the benefits of the PA 529 GSP. Giving participants this deposit and a year of waived asset-based fees is a way to share the success of the plan with families who are dedicated to saving for their child’s education.” To be eligible for the $100 deposit, a PA 529 GSP account must have a minimum of $100 in contributions as of June 30, 2022. Account earnings do not count toward the qualifying $100. “Investing in the PA 529 GSP gives parents peace of mind,” Garrity said. “They know that as tuition rates climb, they’ve already locked in their child’s future education at today’s price.” There are nearly 110,000 PA 529 GSP accounts with $2.2 billion already saved for future postsecondary education expenses. Account earnings are based on college tuition inflation rates, and families can select the tuition credit rate they wish to save at, whether that’s a community college or an Ivy League university. Saving at today’s credit rate will cover the same credit in the future. PA 529 College and Career Savings Program accounts are designed to help Pennsylvania families steadily and strategically save for future educational expenses. Treasury offers two plans: the PA 529 GSP, which allows families to save at today’s tuition rates to meet tomorrow’s tuition costs, and the Morningstar Silver Rated PA 529 Investment Plan, which offers a variety of investment options. PA 529 plans have significant state and federal tax advantages and can be used for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. To learn more, visit pa529.com or call 800-440-4000.
