May 29 is College Savings Day! Celebrate with VHEIP, and get ready for a full summer of fun!
{Disclaimer: We are working with VSAC and The Vermont Lake Monsters to bring you this information.}
We have partnered with VHEIP and Vermont Lake Monsters CHAMP’s Kids Club for a summer-long effort to encourage more families to begin to save for college. And – to start off the festivities – in honor of National 529 Day this month (on May 29, get it?), you can enter a statewide drawing to win a $529 deposit in a Vermont 529 College Savings account!
VHEIP is Vermont’s official 529 college savings plan, administered by VSAC for the state. It’s the only plan that provides a nonrefundable tax credit to Vermont taxpayers of 10 percent of the first $2,500 contributed per beneficiary, per year.
And here’s the exciting news: During the month of May, any Vermont resident or VHEIP account owner can enter to win $529 in a VHEIP college savings account. Also, through an annual partnership with the Vermont Association of Hospitals and Health Systems, every baby born on May 29, 2017, will receive $100 in a VHEIP account.
By opening a college savings account — even with just $25 to start — you’ll be creating opportunities for your child’s future. All Vermonters will need some form of education or training after high school to be qualified for Vermont’s future jobs. Research shows that students from families who save even small amounts (less than $500!) for education are three times more likely to go on to and complete college or other training after high school.
What is VHEIP and what is a 529 plan?
VHEIP began in 1999. Today, plan assets top $325 million among more than 18,000 accounts. Over the years, the plan has paid out $124 million for 5,192 students to continue their education. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. VHEIP is one of the few 529 plans in the country that provides a tax credit to investors. Vermont taxpayers receive an income tax credit of 10% of the first $2,500 they put into their VHEIP account for each beneficiary each year, up to a maximum tax credit of $250 per taxpayer per beneficiary annually ($500 tax credit per beneficiary, if filing jointly). VHEIP offers other benefits as well: low investment fees, a range of investment choices, as well as online self-service.
And that’s not all!
Come to the ballpark on CHAMP’s Kids Club nights and get your free pink piggy bank, a favorite of CHAMP’s and everyone else!
All summer long kids can pitch for cash at the ballpark – college cash that is! At every home game, one lucky Vermont kid will see how fast s/he can pitch and that’s how much will go into a VHEIP account. For example, 100 mph = $100 VHEIP account, with a minimum contribution of $25!
When you pick up your piggy bank, enter your name into a raffle for $100 VHEIP account (to be announced on game night!) There are two “Outstanding Kids” nights at Centennial Field. Students nominated as part of the Lake Monsters Outstanding Student Program should make sure to come out to the park and enter the special drawing just for you for a $100 VHEIP account. Find out more about what’s happening this summer at www.vheip.org/CHAMP.
But right now, be sure to enter the drawing to win $529 in May!
BVTMB will be at all of the CHAMP’s Kids Club nights this summer, and we can’t wait to see you all there!
