Monday, June 9, 2014
In celebration of National 529 Day, every baby born in South Carolina on May 29 was eligible to receive a one-time $529 college savings grant. East Cooper Medical Center (ECMC) took part in the second annual Future Scholar 529 PalmettoBaby grant program and delighted several new parents with the news.
The privately funded PalmettoBaby grant program celebrates the success of South Carolina's Future Scholar 529 College Savings Program, administered by the Office of State Treasurer. Each year, approximately 200 babies are born in South Carolina on May 29. 529 Day is dedicated to raising awareness of 529 college savings plans. 529 plans offer opportunities for tax-deductible contributions, tax-deferred growth and tax-free distributions for qualified education-based purposes.
“I'm delighted that my office can play a role in jumpstarting college savings accounts for these PalmettoBabies and their families as well as encouraging other families to open Future Scholar plans of their own,” Treasurer Loftis said.
“This is an important and valuable program for South Carolinians, and East Cooper Medical Center is happy to be involved in this effort. As the cost of college tuition increases, we are fortunate to have access to an investment option that offers tax advantages to help families save money for college,” added Jason Alexander, CEO of East Cooper Medical Center.
One family in particular was thrilled to be leaving the hospital with a college savings grant for their new baby. Heather and Daniel Burton of Charleston/Daniel Island delivered their third child at East Cooper Medical Center on Thursday, May 29 with Dr. Christi Cook of East Cooper OB/GYN. Little Annabelle was born at 4:21 p.m. and was 6 pounds 15 ounces.