W.Va. numbers comprise more than 50 percent of gain
West Virginia residents in the last two fiscal years have accounted for more than half of the new enrollments to SMART529, a college savings program administered by State Treasurer John Perdue’s office.
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State Treasurer John Perdue and schoolchildren at Maxwell Hills Elementary had a good time last year as the Treasurer stopped by to promote the SMART529 “When I Grow Up” essay contest.The uptick can be attributed to continued outreach and education efforts, particularly the program’s “Bright Babies” promotion, which is open to only state residents. Bright Babies gives parents a $100 jump on a college savings account if they enroll the child in SMART529 before his or her first birthday or the first anniversary of adoption.
West Virginia residents comprise about a quarter of the total enrollment of the nationally available SMART529, but those figures have shot up the last two fiscal years in light of the Bright Babies promotion.
In fiscal year 2015, the plans gained 6,523 new accounts, 3,343 of which were West Virginians. The latter figure represents 51.2 percent of the total gain for the year.
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Children dressed up in the garb of their chosen careers during the Treasurer’s visit.The plans gained 5,259 new enrollees in fiscal year 2016, 2,804 of which were West Virginians. Mountain State residents made up 53.3 percent of that total.
On another front, one of SMART529’s other high-profile promotions is the annual “When I Grow Up” essay contest, which awards 15 winning entrants from across the state $500. A grand prize winner receives another $4,500 from a random drawing.
A kickoff for the 2017 When I Grow Up contest is scheduled Thursday, Jan. 12 at Johnson Elementary in Bridgeport.
To learn more about the When I Grow Up contest or the Bright Babies promotion, go to www.SMART529.com or call 1-866-574-3542.