PROVIDENCE – Babies born or adopted on Wednesday in Rhode Island will receive an additional $529 deposited into a CollegeBoundSaver account, in celebration of National 529 Day, and in addition to the $100 each baby in the state is eligible for upon birth or adoption, R.I. General Treasurer Seth Magaziner announced Tuesday.
The savings deposit bonus plan is designed to promote the state’s tax-advantaged 529 college savings plan.
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Even England, director of communications for the Treasurer’s office, said that the office previously has held quarterly drawings for a $529 bonus deposit but found that not all winners took advantage of the program and this year wanted to apply it more broadly to increase participation and awareness.
The General Treasurer’s Office will notify parents that their $529 grant is waiting for them, in addition to the $100 grant that is available to all parents of newborns.
The funds for the 529 Day celebration come from the program’s vendor Ascensus, which is required to set some proceeds from servicing out-of-state accounts aside for programs such as this.
For the $100 grants that all Rhode Island newborn children are eligible for, parents have to check the box to enroll their children to the 529 program on their birth worksheet at the hospital.
“It is my honor to welcome tomorrow’s newest Rhode Islanders to our community and to congratulate their proud parents,” stated Magaziner. “Every Rhode Islander deserves the opportunity to succeed, and saving for future education costs with CollegeBound is easy and flexible.”
