Wednesday, May 29, is 529 Day. The first 250 Rhode Islanders who open a new CollegeBound Savings account will receive $300 through an initiative funded by the state and the Rhode Island Foundation. (Getty image)
The first 250 Rhode Islanders to open a state-administered 529 educational savings plan account on Wednesday, May 29, will receive a one-time $300 contribution under an initiative led by the Office of General Treasurer James Diossa in honor of 529 Day.
The offer is made possible through a partnership with the Rhode Island Foundation and the Office of the Postsecondary Commissioner, Diossa’s office announced Tuesday.
CollegeBound Saver is Rhode Island’s 529 plan. Earnings grow tax-deferred from federal and state taxes.
The Rhode Island Foundation will provide $100 for each of the first 200 new CollegeBound Saver accounts up to a total of $20,000. The Office of the Postsecondary Commissioner will provide $100 for each of the first 250 new CollegeBound Saver accounts up to a total of $25,000. The balance of the contribution will be covered by the Office of the General Treasurer.
To open an account with Rhode Island’s CollegeBound Saver program, visit CollegeBoundSaver.com/Save529. The offer begins at midnight and will continue for 24 hours.
Diossa will visit the Claiborne Pell Elementary School on Dexter Street in Newport at 1 p.m. Wednesday for a 529 Day celebration. He will be joined by Newport Mayor Mayor Xay Khamsyvoravong, representatives from the Rhode Island Foundation and Office of the Rhode Island Office of the Postsecondary Commissioner.
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