SOURCE: ScholarShare

ScholarShare

October 13, 2016 11:00 ET

Treasurer Announces Winners of ScholarShare's 'Read for the Win!' Summer Reading Program

Winners Selected Across California to Receive $500 Toward a ScholarShare 529 College Savings Plan

SACRAMENTO, CA--(Marketwired - October 13, 2016) - ScholarShare, California's 529 College Savings Plan, today announced the winners of its "Read for the Win!" summer reading program. The winners, who represent each of California's 40 state Senate districts, will each receive a $500 prize toward a new or existing 529 college savings account.

"Our summer reading program is designed to encourage families to keep up their children's literacy activities throughout the summer break," said State Treasurer John Chiang, chair of the ScholarShare Investment Board. "Education is critical to future success and studies have shown that students greatly benefit from summer reading -- not only does it prevent learning loss, but it helps foster lifelong learning habits."

In addition, each winner's participating public library or designee will also receive $500 to benefit local children's reading programs.

"We are very proud of the thousands of California students that participated in this year's summer reading program. Our hope is they continue to develop a love for reading and learning in the new school year and beyond," Chiang said.

To be eligible, students in the eighth grade or below had to read at least one book in the summer months, and their parents or guardians had to submit an entry form online. ScholarShare received nearly 3,500 entries from across the state and 40 winners were selected at random.

This is the fifth year ScholarShare has partnered with California public libraries to promote summer reading. More than 20,000 students have participated throughout the program's history and over $200,000 has been awarded to winners and their designated libraries.

The list of confirmed winners is attached. Various winners have not accepted the prize as of the publication of this press release and their names have been withheld.

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, ranked as one of the top-rated 529 college savings plans in the country by Morningstar, an independent investment research firm, currently holds nearly $6.9 billion in assets in more than 278,000 accounts as of 9/23/16. 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.

ScholarShare "Read for the Win" Summer Reading Program Winners
A. Mark Hom   Alameda   Alameda Free Library
Rosa Puga   Alhambra   Alhambra Civic Center Library
Sarbjit Sodhi   Bakersfield   Southwest Branch Library
TBD   Citrus Heights   Sacramento Public Library: Sylvan Oaks
Angelica Magana   Commerce   Commerce Public Library
Tammy Bacigalupi   Concord   Pleasanton Public Library
Georgy Bulatov   Cupertino   Cupertino Library
Bronwyn Lea   Davis   Yolo County - Mary L. Stephens Davis Branch
TBD   Fremont   Centerville Library
TBD   Galt   Sacramento Public Library: Galt - Marian O. Lawrence
TBD   Garden Grove   Garden Grove Regional Library
Brittany Perez   Grass valley   Grass Valley Library -Royce Branch
TBD   Inglewood   Inglewood Public Library
Prakash Malani   Irvine   Heritage Park Regional Library
TBD   La Verne   Irwindale Public Library
TBD   Lamont   Lamont Public Library
Wayne Tavetian   Lomita   Harbor City - Harbor Gateway Branch Library
Karlina Mottern   Los Angeles   Los Feliz Branch Library
Enrique Lopez   Los Angeles   Junipero Serra Branch Library
Thuan-Han Viet Duong   Menifee   Sun City Library
Gloria Argueta Zamora   Merced   Merced County Library
TBD   Mira Loma   Riverside Public Library - La Sierra Branch
Jeannie Ortega   Murrieta   Grace Mellman Community Library
Sheni Ogunmola   Ontario   Colony High Branch Library
Shelley Grahl   Pacific Grove   Pacific Grove Public Library
Lilian Estrada   Palmdale   Palmdale City Library
Fabiola Torres   Paramount   Paramount Library
Rabia Turan   Redwood City   Redwood Shores Branch Library
Kelsy Fowler   Sacramento   Sacramento Public Library: Carmichael
Jorine Campopiano   San Clemente   San Clemente Library
Claudia Arevalo   San Diego   San Diego Public Library - Central Library
Margo Diaz   San Diego   San Diego Public Library - Central Library
Lauren Tilston   San Francisco   Glen Park Branch Library
Roxana Cruz   San Rafael   San Rafael Public Library - Pickleweed Library
Anna Stump   Santa Barbara   Santa Barbara Public Library
TBD   Santee   Santee Public Library
TBD   Sherman Oaks   Studio City Library
TBD   Simi Valley   Simi Valley Public Library
TBD   Valley Springs   Calaveras County Library - Valley Springs Branch
Mai Foord   Walnut   Walnut Library

*TBD indicates that the selected winner has been notified but has not accepted the prize as of the publication of this press release