ScholarShare Announces Winners of Reading Makes Cent$ Summer Reading Program
SACRAMENTO, CA -- (Marketwired) -- 10/29/13 -- ScholarShare, California's 529 college savings plan, today announced the 35 winners of its Reading Makes Cent$ Summer Reading Program. The parents or guardians of each selected winner will receive $529 to invest in a ScholarShare account.
"When children read over the summer break, they improve their learning skills," said State Treasurer Bill Lockyer, who serves as chairman of the ScholarShare Investment Board. "If we can get kids to enjoy reading outside the classroom, we can help them develop positive study habits that will help them get into college and succeed when they get there."
This marks the second year ScholarShare has partnered with California public libraries to conduct the Summer Reading Program. After reading a book, parents of children in pre-K through the 8th grade submitted an entry form at their local public library or online. ScholarShare received more than 8,000 entries from across California. Winners were selected at random.
As a part of the partnership, if the winning entry form was submitted at a local public library, the library also will receive a check for $529.
The list of winners is attached.
About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened with as little as $25 per investment portfolio. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum account balance. Established in 1999, ScholarShare currently holds more than $5 billion in assets in more than 245,000 accounts as of 6/30/13. To sign up for an account or for more information about the plan, visit www.scholarshare.com. For information about the ScholarShare Investment Board (SIB), visit www.treasurer.ca.gov/scholarshare. Like ScholarShare on Facebook at www.facebook.com/scholarshare529 and follow us on Twitter at @ScholarShare529.
Named for the section of the IRS code under which they were created, 529 plans offer valuable tax advantages. Contributions are made with money that has already been taxed. Once funds are placed in the account, investment earnings, if any, are not federally or state taxed, if withdrawn to pay for qualified higher education costs.
Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit www.scholarshare.com for a Program Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, consider whether the state where you or your Beneficiary resides has a 529 plan that offers favorable state tax benefits that are available if you invest in that state's 529 plan.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.
The ScholarShare 529 College Savings Plan Twitter and Facebook pages are managed by the state of California.
TIAA-CREF Tuition Financing, Inc., Program Manager.
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