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Download PDF
May – June 2019
Dear friends,
The benefits of higher education are well established. A person’s social mobility and economic potential are enhanced by education. And so is California’s prosperity, which hinges on expanding our educated workforce to meet anticipated future job growth.
Sadly, as tuition rates spiral upward and student loan debts soar to an all-time high, families can feel stuck with few options.
In this issue of the newsletter I want to promote a tried and true option that always works–saving. Starting to save early for a child’s attendance at a trade school or college makes sound financial sense, especially when what you earn is tax free.
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Treasurer Fiona Ma presents a $5,000 Scholar Dollars Award to L.U.C.H.A. Elementary in San Jose, one of 20 schools that recently received a total of $300,000 to fund extracurricular and after school activities that create college-going cultures. The annual competition is open to schools statewide.
Learn more at: MyScholarDollars.com
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ABCs of the BCAs
ScholarShare 529
Colleges and universities can be expensive. Who wants to take on loans it may take years to pay off? At the same time, we all want the upward mobility, higher income potential, and equal shot at living the California dream that tends to follow getting a higher education.
So, what’s a family to do?
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Heart of The Treasury
Our May employee of the month is Tawnia Starr-Contreras. A veteran of more than 12 years at the Treasurer’s Office, Tawnia has spent all of those years as the assistant for the Legal Office, and providing support for the Executive Office.
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Ask the Treasurer
Dear Fiona,
I’m going to open a ScholarShare 529 account in order to save for my daughter’s future education costs.
What types of schools and expenses can my college savings account be used for?
– Melanie
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Top Billing
A monthly update on key legislation for Treasurer Ma
529 ScholarShare Tax Deduction on State Income Taxes
Assembly Bill 211, Ian Calderon (D-Whittier)
https://a57.asmdc.org/
Provides a state income tax deduction for those who contribute to a California ScholarShare 529 account, not to exceed $5,000 for single taxpayers, or $10,000 for joint filers. (Amended in Appropriations to include salary caps of $75,000 for single taxpayers and $150,000 for joint filers.)
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The Vault
Calendar of recent and upcoming public finance activities and bond sales
Week of July 8
Trustees of the California State University Systemwide Revenue Bonds Series ($800 million)
The bonds will provide money for various projects throughout the university system. Also includes remarketing of previously issued bonds.
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Calendar of Upcoming BCA Events
Boards, Commissions and Authorities (BCAs) within the State Treasurer’s Office
June 10 – Small Business Workshop – Merced
June 26 – ScholarShare Investment Board Meeting – Sacramento
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The Ma Squad
Travels in May in photos
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Joined by sexual assault victims, pension trustees and supporters of Trustees United during Denim Day at the Capitol, Treasurer Ma led the call for investors to adopt safe workplace principles.
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WinRock International American Carbon Registry presenting Treasurer Ma with its “Commitment to Quality Award” for the Treasurer’s leadership on climate issues.
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Treasure Ma and Chief of Staff Genevieve Jopanda join a happy group of children and parents who work in the State Treasurer’s Office on “Take Your Child to Work Day.”
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At the Asian American Pacific Islander Employee Resource Group of Southern California Edison for a panel celebrating AAPI heritage month and leadership in public service. Treasurer Ma served on a panel with Maria Rigatti, executive vice president and chief financial officer of Edison International, the parent company of Southern California Edison.
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Swearing in transit rail project expert Frederick Jordan, president of F.E. Jordan Associates Inc., to the State’s High-Speed Rail Authority Peer Review Group.
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Public tours of your state Capitol are conducted each week,
every hour during business hours.
Just show up at Room B-27! For more details, call (916) 324-0333.
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