TREASURER MAGAZINER: COLLEGEBOUND PLANS

Treasurer Magaziner Announces New Option for Rhode Islanders to Pay for Job Training Programs through CollegeBound Plans

Providence, RI – –  General Treasurer Seth Magaziner and Building Futures RI held a live panel discussion to inform Rhode Islanders about a new option to pay for apprenticeship job training programs using CollegeBound, Rhode Island’s 529 savings plan that provides a tax-advantaged way for Rhode Islanders to save for education expenses.

“Apprenticeships provide Rhode Islanders with an opportunity to gain real, practical job training and a pathway to a stable, good-paying career,” said Rhode Island General Treasurer Seth Magaziner. “I am pleased to announce that Rhode Islanders can now use their CollegeBound funds, Rhode Island’s 529 savings plan, to pay for costs associated with apprenticeships.”

Apprenticeships are valuable job training programs for workers who are at the beginning of their career or are considering a career change. These programs provide practical hands-on training for workers through paid, relevant workplace experience. Through apprenticeships, Rhode Islanders can access stable careers in a variety of fields including health care, where workers are currently in high demand due to the Covi-19 crisis.

CollegeBound is a tax-advantaged 529 savings plan administered by the Office of the Rhode Island General Treasurer, which allows Rhode Islanders to affordably save for post-secondary education. Rhode Islanders can open CollegeBound accounts with as little as $1 and see their savings grow tax-free.

While money saved though 529 plans like CollegeBound were previously used to pay for traditional post-secondary degrees, CollegeBound will now also allow participants to use their accounts to pay for expenses related to apprenticeship programs.

During this afternoon’s event, the Treasurer was joined by David Langlais, Vice-President of the Building Trades Council, Andrew Cortes, Executive Director of Building Futures Rhode Island, and Laurie Moïse Sears, Director of Community Health Integration at ONE Neighborhood Builders; all three discussed current apprenticeship opportunities available to Rhode Islanders, and the importance of having 529 funds available for Rhode Islanders embarking on an apprenticeship.

The Treasurer was also joined by two apprentices – Leidy Rivera, an SEIU 1199 Medical Coder apprentice, and Alvin Reyes, a Building Futures pre-apprenticeship 2012 graduate, and current journey-worker electrician with IBEW Local 99 – who discussed the impact their apprenticeships have had on their lives.

“As an Apprentice, I’ve received the same professional training as I would have in a traditional college program, but with the benefit of earning wages and gaining hands-on experience while I work towards an industry recognized credential. I would recommend an apprenticeship program for anyone looking to enhance their career or move into a new field,” said Leidy Rivera, 1199 Medical Coder apprentice

“The opportunity to have an apprenticeship is a journey that has transformed my life!” – Alvin Reyes, a Building Futures pre-apprenticeship 2012 graduate, and current journey-worker electrician with IBEW Local 99.

“Our Community Health Workers are charged with connecting residents to resources and advocating for the community. We train community members to work with their neighbors to address their social needs. We are pleased to know that we have the option to support more on the ground workforce development through Apprenticeship RI,” said Laurie Moïse Sears, Director of Community Health Integration at ONE Neighborhood Builders.

“For countless generations,  unions and signatory contractors have trained highly-skilled construction professionals through quality registered apprenticeship programs,” said Michael Sabitoni, President of RIBCTC and Business Manager for Local 271. “Now, with these smart changes, Rhode Islanders can attend ‘the other college’ of registered apprenticeship with more ease and benefit from these remarkable careers.”

“We know this model works. In the past few years, we have developed new apprenticeships for over 40 occupations – in healthcare, manufacturing, IT, aquaculture, education, fishing, green/plant-based industries and more,” said Andrew Cortes, Executive Director of Building Futures and Chair of the Rhode Island Apprenticeship Council. ” Importantly, CollegeBound savings can help people achieve  career goals in many high growth sectors through registered apprenticeship – expanding opportunity for all.”

A recording of the live-stream event can be viewed on Treasurer Magaziner’s facebook page: 

facebook.com/RITreasury

To learn more about CollegeBound visit 

collegeboundsaver.com

THANK YOU.