Once again this summer, the Georgia Public Library Service and the Path2College 529 Plan are coming together to help families prepare Georgia’s children for a successful future. Georgia’s public libraries are encouraging reading through their annual Summer Reading Program, “One World, Many Stories,” to help children incorporate daily reading into their routine, which can promote a child’s academic development and improve concentration, memory power and vocabulary. In addition to the educational benefits of participating in the program, the Path2College 529 Plan is providing families with the opportunity to enter participating children to win $5,529 toward a Path2College 529 Plan college savings account through the Destination College Savings Sweepstakes.
“This ongoing partnership between Georgia’s public libraries and Path2College allows us to work together to encourage and emphasize the importance of family reading and establishing an educational and financial foundation for our children,” said Chuck Penuel, director of the Path2College 529 Plan. “It’s a fun way to increase awareness about the benefits of reading with children and saving for college, both of which should be started early in a child’s life.”
At the kick-off of the sweepstakes, First Lady Sandra Deal joined the Georgia Public Library Service and the Path2College 529 Plan to emphasize the First Lady’s and the Governor’s focus on our children’s education and to continue her Read Across Georgia initiative, where she is reading with children at schools and libraries throughout the state.
“As a parent, grandparent and former teacher, I know that our involvement in the lives of our children plays an integral role in their future success. I hope to reach as many children as possible to help them improve their reading skills and strengthen their understanding of the importance of reading,” said First Lady Sandra Deal. “The Summer Reading Program encourages Georgians to help children become excited about reading, learning and education. By creating this excitement, we in turn increase their chances for academic success and a brighter future.”
The Destination College Savings Sweepstakes, which is open through July 31, will award one Summer Reading Program participant the grand prize of $5,529 toward a Path2College 529 Plan account. In addition, the local public library of the winner will also receive $1,529 to be used for its children’s and teen’s department, and the Georgia library with the greatest number of entries and the Georgia library system with the greatest percentage of their registered users entered into the sweepstakes will each win $1,529 for their children’s and teen’s materials and programming.
In 2010, almost 1.5 million children participated in the Summer Reading Program, and nearly 5,300 Georgia children were entered in the 2010 Summer Reading Program sweepstakes—Make a Splash – Save for College Sweepstakes.
“Reading is an important component of education, and our libraries strive to plant a love for reading in young minds,” said Julie Walker, deputy state librarian for Georgia Public Library Service. “Georgia’s libraries circulated more than 18 million books and other materials for children in 2010. While we sponsor many events and activities that promote literacy, the combination of our Summer Reading Program and the Destination College Savings Sweepstakes provides a great incentive for families to read together — one that we hope will bring even more families to their local libraries this summer.”
Parents, grandparents or legal guardians of children 16 years and under can visit their local library beginning May 1, 2011, to learn more about the “One World, Many Stories” Summer Reading Program and the Destination College Savings Sweepstakes. While at the library, participants may use a computer station to visit the Path2College 529 Plan website, www.path2college529.com, to enter their child or grandchild for a chance to win. Participants may also enter online using their home computer. Entries must be submitted online by July 31, 2011. The Path2College 529 Plan will randomly draw a winner for the $5,529 college savings account in early August of 2011.
For official rules and more information on the Path2College 529 Plan or the Destination College Savings Sweepstakes, please visit: www.path2college529.com or call (877) 424-4377. No purchase necessary. Void where prohibited.
About the Path2College 529 Plan:
The Path2College 529 Plan is a state of Georgia program that helps families prepare for the future costs of college tuition and other qualified expenses, such as fees, books, and certain room and board costs for colleges in Georgia and nationwide. The plan is easy to use and understand, with no sign-up, maintenance or third-party sales fees – just a low annual asset-based management fee, and an account can be opened online with as little as $25.
Any earnings in the Path2College 529 Plan are federal and state income tax-deferred and withdrawals for qualified higher education expenses such as tuition, fees, books, and certain room and board costs are federal and Georgia income tax free. In addition, the State of Georgia offers a state income tax deduction on contributions of up to $2,000 per year, per beneficiary. (Transfers from another 529 plan are not eligible for the deduction. Recapture provisions apply). Your account assets can be used at virtually any college or university in the country. The plan offers seven investment options and participants can arrange for automatic contributions to their accounts to be drawn directly from a bank account or made through payroll deduction with participating employers.
The Path2College 529 Plan is managed by TIAA-CREF Tuition Financing, Inc., which is part of the TIAA-CREF group of companies. The Path2College 529 Plan has more than $1 billion in assets under management and more than 120,000 accounts as of May 2, 2011.
Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. Please visit www.path2college529.com for a Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.
We are required to notify you that the tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.
Account value for the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.