County commissioners Support PA 529 College & Career Savings Program

LOCK HAVEN, PA – The Clinton County Commissioners on Thursday took steps to make post-secondary education a top priority by adopting a resolution in support of Pennsylvania’s College and Career Savings Program.

The Pennsylvania Treasury Department offers PA 529 College & Career Savings Program accounts that are designed to be accessible to all persons, regardless of income, and can be used for tuition and related qualified expenses at universities, colleges, trade schools, and technical schools, as well as qualified apprenticeships.

The county’s resolution states that the county will partner with the Pennsylvania Treasury Department in an effort to improve postsecondary education attainment rates and will offer county employees the ability to contribute to PA 529 College and Career Savings Program Plans via payroll deductions. The commissioners also made the commitment to encourage other employers in Clinton County to offer the same option to their employees.

Stephen Shope, from the PA Department of Treasury, visited with the Commissioners last week and the board gave its formal approval on Thursday.

“Many families worry every day about paying for education costs,” State Treasurer, Stacy Garrity said. “I’m thrilled that the Clinton County Commissioners are taking action to make it easier for their employees to save through a simple payroll deduction. PA 529 accounts help families pay for education no matter what path their child chooses – an apprenticeship, technical school, community college, a four-year university, and more. And it’s easy!

No minimum deposit is required to open a PA 529 account. I commend the Clinton County Commissioners for helping their employees save so the next generation in their community has a more affordable education.”

According to a Thursday release from the commissioners’ office, rural counties often have significantly high percentages of populations that do not have a postsecondary education of any kind. This concern has been identified by planning officials as an impediment to economic development. Research shows that children with education savings accounts are 3 times more likely to enroll in postsecondary education and 4 times more likely to graduate. The Pennsylvania Treasury Department offers PA 529 College and Career Savings Programs that makes saving for education more accessible. Research shows that 86% of parents and grandparents would be more likely to participate in a 529 program if it were offered by their employer.

“In addition to saving with PA 529, I want families to know about Keystone Scholars,” Treasurer Garrity said. “Keystone Scholars jumpstarts educational savings with a $100 investment for every child born to a Pennsylvania family on or after January 1, 2019 – and it doesn’t use any taxpayer dollars. The money can be used when a child turns 18 to help pay for a variety of qualifying postsecondary education expenses. Parents will get a letter from Treasury about five months after their child is born, and they can visit pa529.com/keystone to access their child’s account online.”

Commissioner Angela Harding said, “Rural economic development commissions have identified workforce training and postsecondary education attainment rates as important factors in attracting new business and industry to an area, particularly rural areas like ours. The data clearly demonstrates the strong positive economic effect that increasing the postsecondary education attainment rate has on individuals, households, and communities.”

“We believe that with this education savings program, children are more likely to enroll in postsecondary education, and graduate” stated Commissioner Jeff Snyder. “We encourage local employers to join us in creating a strong foundation for our youth.”

Shope had explained to the commissioners that the Pennsylvania Treasury is eager to support the county’s efforts by providing brochures on the PA 529 and Keystone Scholars Programs for employees. They will also be available to conduct live and/or pre-recorded webinars for employees. They offer guidance to human resource and payroll staff in setting up contributions to PA 529 plans. He stated that they can attending meetings and events to further promote the county’s efforts, present regional data, and discuss the impact postsecondary education has on economic development.

Board chairman Miles Kessinger thanked Shope for meeting with the commissioners. “We support this program,” he stated, “higher education is a crucial factor of firms looking to locate to the region. And any amount of savings reduces an individual’s college debt load.” He noted that participation by county employees in the program is voluntary.

For more information contact Steve Shope, Regional Program Relationship Manager, Pennsylvania Treasury by email at sshope@patreasury.gov or phone (717)585-4993 or visit their website at https://www.pa529.com.