Treasurer Fitzgerald Awards $1000 College Savings Iowa Account to Baby Born at Skiff Medical Center

DES MOINES, IA (01/28/2010)(readMedia)-- State Treasurer Michael Fitzgerald took part in a special ceremony in Newton that put one lucky baby on the right path toward saving for college. Baby Jackson, born at Skiff Medical Center was awarded a $1,000 College Savings Iowa account, courtesy of the College Savings Iowa BABY 529 Giveaway. The baby's parents, Casie and Matthew Riney, received information about the giveaway program before leaving hospital after their son's birth.

"Little Jackson may not be able to study yet, but he's already got a jump start on his college savings, and it will continue to grow right along-side him," stated Fitzgerald, plan administrator. "Even in these difficult times, I encourage families to stay focused on their long term saving goals. Anything that is saved now will offset what is to be borrowed in the future."

State Treasurer Michael Fitzgerald knows that Skiff Medical Center in Newton understands the importance of saving for college. The hospital provides new parents information about saving early, as well as the chance to win a $1,000 College Savings Iowa account for their baby through participation in the College Savings Iowa BABY 529 Giveaway. "We are pleased to have Skiff Medical Center as part of our team working to increase awareness about the benefits of saving for college," stated Fitzgerald. "They are doing their part in helping to get this important message out to Iowa families from day one."

Steve Long, CEO of Skiff Medical Center; Dr. Min Pak of Newton Clinic; Debby Pence, Chair of Board of Trustees; Nancy Burke, Interim OB Director; Vickie Shut, OB staff and Carla Johnson, OB staff were on hand to congratulate the family. The Hy-Vee in Newton donated flowers and refreshments.

About the College Savings Iowa BABY 529 Giveaway

The BABY 529 Giveaway awards one $1,000 College Savings Iowa account each month to a randomly selected baby. All babies born in participating Iowa hospitals are eligible to win if they register for the monthly drawing. Sixty-six hospitals currently participate in the program and provide college savings materials to families before they leave the hospital. To learn more about the program, please visit www.iowababy529.com.

About College Savings Iowa

College Savings Iowa is a state-sponsored 529 plan designed to give families a tax-advantaged way to save money for college. Investors can choose from thirteen Vanguard investment options. Iowa taxpayers can deduct up to $2,811 in contributions per beneficiary account from their adjusted gross income in 2010*, and there are no income or residency restrictions. Withdrawals used to pay for qualified higher education expenses including tuition; books, supplies, and room and board are free of state and federal taxes. Funds can be used at any accredited college, university, community college or technical training school in the United States or abroad.** For more information on College Savings Iowa, visit www.collegesavingsiowa.com or call 1-888-672-9116.

*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.

** Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

About The Vanguard Group

The Vanguard Group, headquartered in Valley Forge, Pennsylvania, is one of the nation's largest mutual fund firms and a leading provider of 529 college savings plans. Vanguard manages nearly $1.3 trillion in U.S. mutual fund assets, including $25 billion in 529 plan assets invested in 25 plans in 23 states. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in foreign markets.