News & Press Releases
McDermott family welcomes new baby, gets surprise college savings contribution as Northside Hospital‘s first “Tax Day Baby”
ATLANTA—When the Mike and Anna McDermott of Atlanta welcomed their new baby boy this morning at 1:37 a.m., they had no idea that in addition to the six-pound, 11-ounce bundle of joy they received, they would also be surprised with a contribution to his college savings. Coen Miles McDermott was the first baby born at Northside Hospital on April 17 – Tax Day – and as a result, he was recognized with a $1,529 contribution to his Path2College 529 Plan.
“This is the second best news we’ve had all day,” said Mike McDermott.
This is the eighth year that Northside and Path2College have partnered to recognize “Tax Day” babies in an effort to raise awareness about the importance of saving for college and financial planning.
“A new baby should be more rewarding than taxes. That's why we partnered with the Path2College 529 Plan and offered a promotion to heighten the joy of the McDermott family by starting a path of knowledge and fulfillment for Coen,” said Bessie Smith, operations manager of Family Centered Care at Northside Hospital, which delivered 16,000 babies last year, more than any hospital in the country. “Northside is invested in the wellness of our communities and the families who trust our compassionate health care and high-quality expertise from birth through all stages of life. We wish happiness for the McDermott family and all our Northside families.”
Additionally, Path2College kicked off its eighth annual Newborn Sweepstakes, which will award one baby born in Georgia this year a $5,529 contribution toward a child’s college savings. The Path2College 529 Plan will also award $1,529 to the hospital where the Newborn Sweepstakes winner was born.
“New families have a lot of things to think about, and college seems like a distant concern. While it’s never too late to start saving, the earlier you start the better,” said Caylee Noggle, Interim President of the Georgia Student Finance Commission, which partners with the Office of the State Treasurer to administer the Path2College 529 Plan for the state of Georgia. “Saving regularly over time will have the most impact, so reaching families with newborns and letting them know about the state’s Path2College 529 Plan is an important way to help ensure that more Georgia children establish a financial foundation to help them continue their education.”
Parents, grandparents and guardians of Georgia babies born in 2018 may go to www.Path2College529.com until April 14, 2019, for official rules, prize details and to enter for a chance to win the 2018 Newborn Sweepstakes. Entrants must be legal residents or taxpayers to Georgia and at least 18 years of age to enter. No purchase necessary. Void where prohibited. Sponsored by the Path2College 529 Plan.
For more information about the Path2College 529 Plan or to enter the 2018 Newborn Sweepstakes, please visit www.Path2College.com or call (877) 424-4377.
To learn more about the Path2College 529 Plan, its investment objectives, tax benefits, risks, and costs please see the Disclosure Booklet at path2college529.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Path2College 529 Plan.