Illinois State Treasurer Michael Frerichs is partnering with the Springfield Kidzeum for a reduced-admission day to encourage families to start savingearly for college.
“The best time to start saving for college is yesterday,” Frerichs said. “The second-best time to start saving is today.”
The State Treasurer’s Office and the Kidzeum of Health and Science are promoting Illinois 529 college savings plans. If a child knows they have a college savings plan, theyare three times more likely to attend college.
Admission will be $5.29 on Saturday, June 29. The Kidzeum, located at 412 E. Adams St. in Springfield, is open from 9 a.m. to 4 p.m. Visitors can pick up information about the Bright Start 529 college savings plan and State Treasurer’s staff will be available to answer any questions they have about the plan.
The first 250 children can decorate their own Bright Start piggy bank as part of a “Little Savers Crafting Workshop.” The piggy bank is a fun, take-home reminder about the importance of saving for college and instilling valuable financial literacy skills in young minds from an early age. Through this hands-on activity, children will not only have funcrafting their own piggy banks, but also learn the importance of setting goals and planning for their future.
Registration for the Bright Start piggy bank craft is required between 9 a.m. – 1 p.m. and sessions will run every 15 minutes. After 1 p.m., any remaining piggy banks will be offered on a first-come basis.
The Springfield event is part of this year’s effort by the State Treasurer’s Office to team up with Illinois children’s museums to organize free- and reduced-admission days and spread the word about college savings plans.
In Illinois, the Bright Start College Savings plan is a tax-advantaged investment vehicle to help save for college. Individuals 18 and over with a U.S. address and Social Security Number or Individual Tax Identification Number can open a Bright Start account directly online. For those who prefer to work with a financial advisor, Treasurer Frerichs also administers the Bright Directions Advisor-Guided 529 College Savings Plan. During Treasurer Frerichs’ administration, the combined 529 plans have more than doubled to $19 billion in assets and have grown to more than 890,000 accounts. Additionally, Frerichs has worked with the program manager Union Bank & Trust to reducefees to ensure more investment dollars go directly to college savings.
The Illinois Treasurer’s Office’s 529 plans offer a variety of investment options and flexibilities for families. Anyone can contribute to an account, and there are no enrollment fees, minimum contribution or minimum balance requirements to open or maintain an account. There are tax benefits, too. Earnings are free from federal and state taxes if usedfor qualified higher education expenses, and up to $10,000 per year in contributions ($20,000 per year for married couples filing jointly) to an account are eligible for an Illinois income tax deduction.
For more information, visit BrightStart.com or call 877.432.7444.
