Treasurer Fitzgerald Commends Mercy Hospital's Effort to Increase Awareness for Saving for College

Two babies born at Iowa City's Mercy Hospital win a $1,000 College Savings Iowa account in less than two years

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DES MOINES, IA (01/25/2010)(readMedia)-- State Treasurer Michael Fitzgerald knows that Mercy Hospital in Iowa City understands the importance of saving for college. They are participating in the College Savings Iowa BABY 529 Giveaway, a program that provides new parents information about saving early, as well as the chance to win a $1,000 College Savings Iowa account for their baby. "We are pleased to have Mercy Hospital 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." Eighteen babies have won the award since the statewide program launched in 2008, with two of those going to babies born at Mercy Hospital in Iowa City. The latest winner is the daughter of Tiffany Carpenter and Maynard Martin of Wilton.

Treasurer Fitzgerald encourages families to start saving for their children's future education now.

"New parents have a lot on their minds, but saving with College Savings Iowa is easy and affordable. They can open an account in about ten minutes with just $25," said Fitzgerald. "Anyone-parents, grandparents, friends and relatives-can invest in College Savings Iowa on behalf of a child."

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 Iowa 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.