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BISMARCK–November 06, 2007–Bank of North Dakota (BND) recently awarded
the first matching grant for its College SAVE 529 Plan to the Erbele family,
of Almont, North Dakota. Earlier this year, BND championed a $300 matching
grant program which benefits College SAVE investors who earn less than
$20,000 annually (or $40,000 for couples who file jointly).
“We are excited to announce the Erbele’s as the first family to receive an award from the College SAVE matching grant program,” said BND President Eric Hardmeyer. “We are proud to be able to help them move closer to their college savings goals and look forward to assisting more North Dakota families with this unique program.”
Shanon and Gabriel Erbele, parents of two young children, were recently contacted by Bank of North Dakota to congratulate them on being the first recipients of the matching grant. "I saw the College SAVE program on the news one night so I went online
and read all about it,” said Shanon. “The matching grant was the main factor
in choosing to open up a College SAVE account. Being eligible for a 100%
match on our $300 contribution to the Plan really made sense.” She and her husband Gabriel both agreed it was the right decision at the right time. "This will help pay for our kids' college and it's good to have money
set aside that we know is designated just for this reason–And applying
was quick and easy.”
The State’s matching grant program helps North Dakotans at these targeted income levels by supplementing savings once an account is open. The program is funded by fees that BND collects on College SAVE.
Currently, nearly 10,500 families have saved $330 million through College SAVE accounts. In November 2006, BND enhanced College SAVE by reducing expenses, adding an in-state tax deduction on new contributions and expanding investment options by naming The Vanguard Group as investment manager of the Plan. BND also named Upromise Investments, Inc., as Plan Manager for College SAVE.
The nation’s only state-owned bank, BND was established in 1919 to encourage and promote agriculture, commerce and industry in North Dakota. BND is overseen by the Industrial Commission of North Dakota, consisting of Gov. John Hoeven as chairman, Attorney General Wayne Stenehjem, and Agriculture Commissioner Roger Johnson.
The matching grant program may be subject to certain limitations by Bank of North Dakota. In addition, matching grants are subject to the availability of funds and can be reduced or stopped at Bank of North Dakota's discretion.
Further Information:
Contact: Bank of North Dakota Director of Communications, James Barnhardt, 701-328-5882.
About Upromise Investments, Inc.:
Upromise Investments, Inc., who serves as the Plan Manager for College SAVE, is a registered broker-dealer, member of FINRA and SIPC, and is registered with the MSRB. The company is focused solely on providing 529 education, plan management and marketing services to state partners and families saving for college. In total, Upromise currently provides program management and administration services to over 1.3 million accounts with over $18 billion in assets across direct, advisor and prepaid savings plans sponsored by nine separate states.
Upromise Investments affiliate, Upromise, Inc., provides a free rewards service, allowing more than eight million members nationwide to accumulate college savings when making eligible everyday purchases.
About Vanguard:
Vanguard, an investment manager for the College SAVE Plan, is one of the nation's most respected investment management firms and a leader in the 529 College Savings marketplace. Vanguard manages more than $1.3 trillion in U.S. mutual fund assets, including offering investment options in 20 state 529 plans totaling more than $20 billion in assets.
For more information about North Dakota’s College SAVE Plan, call 1-866-SAVE-529 (866-728-3529) or visit www.collegesave4u.com to obtain a Plan Disclosure Statement. Investment objectives, risks, charges, expenses, and other important information are included in the Plan Disclosure Statement; read and consider it carefully before investing. Upromise Investments, Inc. serves as Distributor and Underwriter.
If you are not a North Dakota taxpayer, consider before investing whether your or the designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.
The College SAVE Plan is a trust established by the State of North Dakota. Bank of North Dakota acts as trustee and is responsible for administering the Plan. Upromise Investments, Inc. and Upromise Investment Advisors, LLC serve as the Plan Manager and Recordkeeping and Servicing Agent, respectively, with overall responsibility for the day-to-day operations, including effecting transactions and marketing and distribution of the Plan. The Vanguard Group, Inc. provides underlying investments for the Plan. The Plan’s Portfolios, although they invest in mutual funds, are not mutual funds. Units of the Portfolios are municipal fund securities and the value of units will vary with market conditions.
Investment returns are not guaranteed, and you could lose money by investing in the College SAVE Plan.
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