Future Scholar PalmettoBaby Program
May 29 is 529 Day, a day dedicated to raising awareness of the 529 Plan — an investment account designed to help families save money for college. Like a 401(k) account for retirement, a 529 account offers important tax advantages for your college savings.
The Office of State Treasurer Curtis M. Loftis, Jr., sponsor of South Carolina’s Future Scholar 529 College Savings Plan, would like to celebrate all babies born in South Carolina on 5/29/16 with a special grant. Parents qualify by:
- Opening a new Future Scholar account. A $529 grant will be deposited in your new account.1
- Completing and signing forms by the deadline. All completed forms must be received by September 9, 2016.
Applying is as easy as 1, 2, 3
529 Savings Plan
PO Box 8036
Boston, MA 02266
529 Savings Plan
30 Dan Rd, Suite 8036
Canton, MA 02021
3. Mail or fax a fully completed and signed Future Scholar 529 grant request form and a copy of your child’s South Carolina birth certificate to:
South Carolina State Treasurer's Office
ATTN: Future Scholar 529 Baby Grant Program
College Savings Plans Division
Post Office Box 11778
Columbia, SC 29211
Future Scholar 529 Plan Benefits
- Contributions may be eligible for a South Carolina state income tax deduction.2
- The parent or guardian named on the account retains complete control of the funds to help ensure they are used as intended.
- Money in your account can be used at any eligible college in the country. For a complete listing, use the School Code search at www.fafsa.ed.gov.
- If your child ends up not going to college, the beneficiary can be changed to another qualified family member.
- Anyone can contribute to the account, so you can allow relatives and friends to help save for this important goal.
- The Automatic Contribution Plan lets you make easy and ongoing transfers from your bank account.
1Grants will be made by the South Carolina State Treasurer’s Office, subject to availability of funds.
2Up to the maximum account balance limit of $400,000 (or any lower limit under applicable law). Distributions not used for qualified education expenses must be included in South Carolina gross income to the extent those amounts were previously deducted from South Carolina taxable income.
Please consider the investment objectives, risks, charges and expenses carefully before investing in the Future Scholar 529 College Savings Plan. Contact your financial advisor or Future Scholar for a Program Description, which contains this and other important information. Read it carefully before investing. You should also consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.
Please remember there’s always the potential of losing money when you invest in securities.
The Advisor Plan is sold exclusively through financial advisors, while the Direct Plan is sold directly by the Program. Participation in the Direct Plan is limited to a select group of investors, as described in the Program Description. The Direct Plan offers a more limited selection of investment choices than the Advisor Plan, and the fees and expenses are lower. Please refer to the Program Description for more information.
The Office of State Treasurer of South Carolina (the State Treasurer) administers the Program and has selected Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (Columbia Management) as Program Manager. Columbia Management and its affiliates are responsible for providing certain administrative, recordkeeping and investment services, and for the marketing of the Program. Columbia Management is not affiliated with the State Treasurer.
Tax treatment varies by state. For residents of states other than South Carolina: Favorable state tax treatment for investing in a Section 529 college savings plan may be limited to investments in a Section 529 college savings plan offered by your home state. You should consult with your tax advisor about any state or local taxes before making any tax-related decisions. The tax information set forth in this presentation is general in nature and does not constitute tax advice on the part of Columbia Management Investment Distributors, Inc., its affiliates or the South Carolina Office of State Treasurer.