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Covington Child Awarded $5,529 Contribution to His Path2College 529 Plan

By   /   August 28, 2011  /   Comments

Taylor Boyd Announced as Winner of Statewide “Destination College Savings” Sweepstakes
ATLANTA, Ga. – Thanks to his participation in the Georgia Public Library Service’s Summer Reading Program, “One World, Many Stories,” Taylor Boyd not only developed essential reading skills this summer, he was also awarded a $5,529 contribution to his college savings.

Boyd, a seven-year-old from Covington, Georgia, was the winner of the 2011 Destination College Savings Sweepstakes offered by the Path2College 529 Plan, in partnership with the Georgia Public Library Service.
“It was such a wonderful surprise to get the call that Taylor had won $5,529 from the Path2College 529 Plan,” said Kristen Boyd, Taylor’s mother.  “Each year he and his sister, Mallory, enjoy the summer reading program at the Newton County Library.  He is an upcoming second grader at Piedmont Academy in Monticello, and he already has dreams of attending Georgia Tech for college, just like his Uncle Charlie.  This incredible gift will certainly help make his dreams come true!”
This year, more than 445,000 Georgia children and teens participated in the summer reading program, and more than 6,100 of those entered the sweepstakes for a chance to win a contribution toward a Path2College 529 Plan college savings account.
“This program is a great way for children to stay engaged with reading over the summer,” said Chuck Penuel, director of the Path2College 529 Plan.  “We hope that by offering the annual sweepstakes, we are encouraging more children to get involved with the summer reading program, while at the same time reminding their parents how important a strong educational foundation and a strong financial foundation are to their child’s success.”
Penuel congratulated Boyd and presented him with a check at the Covington Branch of the Newton County Library, his hometown library, where he participated in the summer reading program and entered the sweepstakes.
In addition to Boyd’s big win, the sweepstakes also included prizes for Georgia libraries.  The Covington Branch of the Newton County Library was awarded $1,529 to be used for its children’s and teen’s department.  Additionally, the Grayson Branch of the Gwinnett County Public Library had the greatest number of entries, and the Gwinnett County Public Library had the greatest percentage of their registered users entered into the sweepstakes, earning each $1,529 for their children’s and teen’s materials and programming.
“We saw first-hand at libraries across the state the excitement that the combination of our Summer Reading Program and the Destination College Savings Sweepstakes provided to families.  Reading together over the summer is tremendously important for families, and pairing it with the chance to win a significant college contribution was an excellent way to encourage people to get involved,” said Dr. Lamar Veatch, Georgia State Librarian.  “We want to congratulate Taylor, along with Newton County Library, Gwinnett County Library and the Grayson Branch of the Gwinnett County Library, on their wins, and we hope that next year we’ll be able to reach even more children through our programs and this partnership with the Path2College 529 Plan.”
About the Path2College 529 Plan:
The Path2College 529 Plan is a state of Georgia program that helps families prepare for the future costs of college tuition and other qualified expenses, such as fees, books, and certain room and board costs for colleges in Georgia and nationwide.  The plan is easy to use and understand, with no sign-up, maintenance or third-party sales fees – just a low annual asset-based management fee, and an account can be opened online with as little as $25.

Any earnings in the Path2College 529 Plan are federal and state income tax-deferred and withdrawals for qualified higher education expenses are federal and Georgia income tax free.  In addition, the State of Georgia offers a state income tax deduction on contributions of up to $2,000 per year, per beneficiary.  (Transfers from another 529 plan are not eligible for the deduction. Recapture provisions apply.) Your account assets can be used at virtually any college or university in the country.  The plan offers seven investment options and participants can arrange for automatic contributions to their accounts to be drawn directly from a bank account or made through payroll deduction with participating employers.

The Path2College 529 Plan is managed by TIAA-CREF Tuition Financing, Inc., which is part of the TIAA-CREF group of companies.  The Path2College 529 Plan has more than $1 billion in assets under management and more than 122,000 accounts as of July 26, 2011.

Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. Please visit www.path2college529.com for a Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.
We are required to notify you that 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.
Account value for the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.
TIAA-CREF Tuition Financing, Inc., Program Manager.
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  • Published: 1463 days ago on August 28, 2011
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  • Last Modified: August 28, 2011 @ 11:55 am
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Tom Knighton is the publisher of The Albany Journal. In November, 2011, he became the first blogger to take over a newspaper anywhere in the world. In August of 2012, he made the difficult decision to take the Journal out of print circulation and become an online news agency, a first for the Albany area.

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