May 29 Birthday Could Win 22 Virginia Newborns a College Savings Account

May 27, 2014

The right timing and a little bit of luck will earn 22 newborns a college savings account valued at $529 from the Virginia529 College Savings Plan (Virginia529). The criteria for winning: being born the closest to 5:29 pm on May 29, 2014 at a participating hospital in Virginia.

The initiative is part of Virginia529’s efforts to raise awareness about the importance of saving for higher education through tax-advantaged 529 plans. May 29 (5/29) is celebrated nationally as 529 College Savings Day.

“This is a fun way to remind parents and grandparents that these babies will be off to college before they know it,” said Mary G. Morris, CEO of Virginia529. “We’re not trying to rush them, but the reality is 25 percent of people procrastinate when it comes to saving for the future educations of their children or grandchildren – and getting started early, even with small amounts, can make a big difference.”

One baby will win at each of these hospitals participating in the 529 Day contest:

-Centra Southside Community Hospital, Farmville
-Clinch Valley Medical Center, Richlands
-Fauquier Hospital, Warrenton
-Henrico Doctors' Hospital, Richmond
-Inova Alexandria Hospital, Alexandria
-Inova Fairfax Hospital, Falls Church
-Inova Fair Oaks Hospital, Fairfax
-Johnston Memorial Hospital, Abingdon
-Martha Jefferson Hospital, Charlottesville
-Norton Community Hospital, Norton
-Southampton Memorial Hospital, Franklin
-Sentara Leigh Hospital, Norfolk
-Sentara Norfolk General Hospital, Norfolk
-Sentara Northern Virginia Medical Center, Woodbridge
-Sentara Obici Hospital, Woodbridge
-Sentara Princess Anne Hospital, Virginia Beach
-Sentara RMH Medical Center, Harrisonburg
-Sentara Williamsburg Regional Medical Center, Williamsburg
-Southampton Memorial Hospital, Franklin
-VCU Health Systems, Richmond
-Warren Memorial Hospital, Front Royal
-Winchester Medical Center, Winchester

Virginia529 is offering other incentives this month in which everyone can participate. People who open new Virginia529 inVEST accounts with at least $100 through May 29 will receive a $50 match from Virginia529. They also will award to one lucky person a $2,500 contribution to a new or existing Virginia529 account.

The tax advantages of 529 accounts make them smart solutions for avoiding student debt. Earnings on the savings in 529 accounts are free from state and federal taxes when used for qualified higher education expenses. Virginia taxpayers enjoy an additional benefit when saving with Virginia529: a state individual income-tax deduction of up to $4,000 per account per year.

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