Pennsylvania SR 113: A Resolution designating May 29, 2025, as "College and Career Savings Day" in Pennsylvania.

Bill Text

PRINTER'S NO. 852
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE RESOLUTION
No. 113
Session of
2025
INTRODUCED BY CULVER, VOGEL, LANGERHOLC, BROWN, FONTANA, HAYWOOD
AND CAPPELLETTI, MAY 30, 2025
REFERRED TO RULES AND EXECUTIVE NOMINATIONS, MAY 30, 2025
A RESOLUTION
Designating May 29, 2025, as "College and Career Savings Day" in
Pennsylvania.
WHEREAS, The Pennsylvania 529 College and Career Savings
Program was signed into law as the Tuition Account Programs and
College and Career Savings Bond Act on April 3, 1992; and
WHEREAS, The PA 529 College and Career Savings Program gives
Pennsylvania residents a tax-advantaged way to save for
postsecondary education, reducing the need for borrowing; and
WHEREAS, Residents of this Commonwealth can choose to save
through the PA 529 Guaranteed Savings Plan, in which savings
grow based on college tuition inflation, or the PA 529
Investment Plan, in which savings grow based on investment
decisions and market performance; and
WHEREAS, The PA 529 Investment Plan was awarded the
Morningstar Gold Rating, ranking it as one of only five 529
plans in the nation to achieve such a designation, and
highlighting the Pennsylvania Treasury's impressive record of
effective governance, reduction in plan fees and well-defined
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plans for career development and succession planning; and
WHEREAS, The Treasury Department has reduced fees associated
with the PA 529 College and Career Savings Program twice since
2024, creating savings for families of nearly $1.3 million; and
WHEREAS, PA 529 accounts offer generous tax benefits,
including a State income tax deduction for contributions, no
Federal or State income taxes on investment growth, tax-free
withdrawals for qualified expenses and gift and inheritance tax
benefits and PA 529 account assets have no effect on State
financial aid eligibility; and
WHEREAS, More than 314,000 families are currently saving with
PA 529, including almost 200,000 families in the PA 529
Investment Plan, collectively holding substantial savings for
future educational expenses; and
WHEREAS, Savings in PA 529 accounts can be used to help pay
for tuition, fees, equipment, books, room and board and other
qualified expenses at most schools nationwide, including K-12,
four-year colleges and universities, community colleges,
technical schools and qualified apprenticeship programs; and
WHEREAS, The Treasury Department has the statutory
responsibility to administer the PA 529 College and Career
Savings Program; and
WHEREAS, Designating May 29, 2025, as "College and Career
Savings Day" serves to increase public understanding and
appreciation of the value of saving for postsecondary education
through the PA 529 College and Career Savings Program; therefore
be it
RESOLVED, That the Senate designate May 29, 2025, as "College
and Career Savings Day" in Pennsylvania.
20250SR0113PN0852 - 2 -
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