(MYRTLE BEACH, SC) – State Treasurer Curtis M. Loftis, Jr. was at Grand Strand Regional Medical Center on Wednesday to promote the second annual Future Scholar 529 PalmettoBaby grant program.
The privately funded PalmettoBaby grant program celebrates the success of South Carolina's Future Scholar 529 College Savings Program, administered by the Office of State Treasurer.
In celebration of National 529 day, every baby born in South Carolina on May 29, 2014 will be eligible to receive a one-time $529 college savings grant into an existing Future Scholar account or when the parent or guardian of the newborn opens a new Future Scholar 529 account.
Each year, approximately 200 babies are born in South Carolina on May 29th. The Office of State Treasurer has invited hospitals across the state to participate in delivering news of the PalmettoBaby grants to the new parents.
"I'm delighted that my office can play a role in boosting the college savings accounts of these PalmettoBabies and their families, as well as encouraging other families to open Future Scholar plans of their own," Treasurer Loftis said.
"At Grand Strand Medical Center we deliver more than 900 babies a year, and we are happy to celebrate and support 529 Day and the Future Scholar College Savings Program that helps jump-start the savings of those children born on May 29 and reminds all parents of the importance of saving for college," Mark Sims, CEO of Grand Strand Regional Medical Center, added.
The Wall Street Journal has recognized South Carolina's Future Scholar plan as having the highest state tax deduction of any 529 plan in the country. Money Magazine called Future Scholar a leader in low fees and praised the contract re-negotiation, saying, "South Carolina eliminated program management fees and dropped investment expenses for in-state residents." Savingforcollege.com, an organization that evaluates 529 plans, gave South Carolina's Future Scholar plan its highest rating of five CAPS.
529 Day is dedicated to raising awareness of 529 college savings plans. 529 plans offer opportunities for tax deductible contributions, tax-deferred growth and tax-free distributions for qualified education-based purposes.