SOURCE: ScholarShare

ScholarShare

October 27, 2014 11:00 ET

This Fall Reassess Your ScholarShare 529 College Savings Plan and Goals

ScholarShare Automatic Contribution Plan Makes Saving Simple

SACRAMENTO, CA--(Marketwired - Oct 27, 2014) - Fall is here and with another school year underway, your loved ones are a year closer to attending the college of their dreams. ScholarShare, California's 529 college savings plan, encourages parents and guardians to reevaluate your college savings goals to determine if you are saving enough to help pay for the cost of higher education.

Setting up a ScholarShare automatic contribution plan can help make saving for college simple and keep you on track toward achieving your goals. Parents and guardians can opt for payroll deduction of as little as $15 per pay period. You can also sign-up for automatic contribution online by logging into your account or complete and return the electronic banking information form offered on the ScholarShare website.

ScholarShare, named a top-rated 529 plan by Morningstar, a prominent ratings agency, has the tools to make it easier than ever for family and friends to contribute to a ScholarShare account. Through ScholarShare's "Give a Gift" option, family and friends can make a gift contribution to an existing ScholarShare account.

ScholarShare offers a wide variety of low-cost investment options. It also provides valuable tax advantages. Any US citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account. Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including tuition, mandatory fees, books, supplies, or even certain room and board costs.

About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened with as little as $25. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum account balance. Established in 1999, ScholarShare currently holds more than $5.8 billion in assets in more than 256,000 accounts as of 10/10/14. To sign up for an account or for more information about the plan, visit www.scholarshare.com. For information about the ScholarShare Investment Board (SIB), visit www.treasurer.ca.gov/scholarshare. Like ScholarShare on Facebook at www.facebook.com/scholarshare529 and follow us on Twitter at @ScholarShare529.

Named for the section of the IRS code under which they were created, 529 plans offer valuable tax advantages. Contributions are made with money that has already been taxed. Once funds are placed in the account, investment earnings, if any, are not federally or state taxed, if withdrawn to pay for qualified higher education costs.

Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit www.scholarshare.com for a Program Disclosure Booklet containing this and other information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non‐qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.

Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.

The ScholarShare 529 College Savings Plan Twitter and Facebook pages are managed by the state of California.

TIAA‐CREF Tuition Financing, Inc., Plan Manager.