Cash in on NYSAVES for college

By ROBERT FISHER
New York State has a new savings program to help you send your children to college. "NYSAVES" legislation enacted in 1998 lets parents set aside money in a special account to save for their children's college educations free of New York State income taxes.

The special account is managed for participants by TIAA-CREF (the administrator), a firm that specializes in pension-funds management for universities and research organizations nationwide.
Here are answers to some frequently asked questions about the new program:

Q How much can I put aside free of New York State taxes?
A Each parent in a two-parent family can put aside up to $5,000 in the account toward the post-secondary education of the student beneficiary. For a couple, that's a maximum of $10,000 free of NYS income taxes each year. (The tax savings can be as high as $700 each year if you are in the maximum NYS tax level).

Q Do I have to pay federal taxes on the contributions to this special account?
A Yes. The money you set aside is net after federal income tax has been paid. Only NYS taxes are not due on this money if it is placed in the special savings account. However, the capital gains from growth in the account's value may be fully tax free if the beneficiary student uses the money for the intended purpose and has no other earned income.
For example, if the parents contribute a total of $100,000 ($10,000 a year for 10 years) and there have been capital gains (earnings) of $220,000 in that period, student beneficiaries may not have to pay any federal or state income tax on the funds withdrawn to pay for educational expenses if they have no other earned income in the year they
make withdrawals.

Q Does the student beneficiary have to attend a New York State school to qualify?
A No. The student can attend any accredited post-secondary school in the United States.

Q If I contribute to an Education Individual Retirement Account (E-IRA) may I also participate in this new state program?
A No. However, the Education IRA allows the contributor to set aside only $500 a year for college expenses. Most taxpayers will find it is worth foregoing the benefits of the Education IRA to take advantage of the NYSAVES college-savings program.

Q How can I learn more and enroll if I am interested?
A Call the administrator at 1-877-NYSAVES. It's a toll-free phone call. Or contact their Web page at www.NYSAVES.org.

PEF scholarship could help pave your child's way to college

By SHERRY HALBROOK
Approximately 100 children of PEF members have benefited from the union's Joseph Scacalossi Scholarship Awards Program since it was established more than a decade ago.

Each year the program awards the top 10 applicants scholarships worth $4,000 over four years.

The program is named for Joseph Scacalossi, one of the union's founders and leader of PEF Division 245 at the state Labor Department in New York City until his death in 1988.

"As we approach the new millennium and wonder what the future will bring, we can be proud of the help PEF gives its members in educating and preparing their children for all that lies ahead," said PEF President Roger Benson. "We remain committed to paving the way for the next generation of leaders."

The PEF Scholarship Committee - Charles McAteer, Arlene Koniuto, Mary Pierce, Bruce Smith and Socorro Firpo - uses a "blind" review process to impartially select 10 winners from hundreds of applicants each year.

Winners receive $1,000 annually for up to four years, so long as the student remains enrolled full-time at an accredited college or university and maintains acceptable undergraduate academic standing.

Applications are reviewed independently by the PEF scholarship committee members, who evaluate each candidate's application after all identifying information has been removed and replaced by a code. The final, anonymous scores are weighted and tabulated by computer.

Applicants must:
Be the children, stepchildren, or wards of any active, retired or deceased PEF members;
Be either high-school seniors or college (full-time) freshmen; and
Have taken either the Scholastic Aptitude Test (SAT) administered by the College Board, or the American College Test (ACT) administered by the College Testing Program.

To apply, print out, complete and submit by March 19 the preliminary application below to: PEF Scholarship Program, P.O. Box 12414, Albany, NY 12212-2414

Upon approval of the preliminary application, the PEF Scholarship Committee will mail applicants a final application. The final application must be completed and returned by April 30 with a copy of the student's high-school transcript and either SAT or ACT results to the committee.
Winners are notified in June and awards are presented in July or August.

 

SEIU has 3 ways to help you pay those college bills

By SHERRY HALBROOK
The Service Employees International Union (SEIU) offers several grants of $1,000 to its members (including PEF members) who continue their undergraduate education.

In addition, SEIU awards several college scholarships worth $3,000 over four years to children of eligible union members in the U.S. and Canada.

For union members and their families attending Long Island University in Brooklyn, SEIU and LIU cosponsor three full-tuition scholarships.

$3,000 scholarships:
Winners of the $3,000 SEIU scholarships receive $750 annually for up to four years.
Three of these scholarships are awarded to applicants in eastern states.

Applicants are judged on grades, SAT or ACT scores and faculty recommendations.
Applicants must be:
SEIU (PEF is SEIU Local 4053) members (but not officers or employees of the international) for at least three continuous years as of Sept. 1, 1998, or their children; and
A high-school or G.E.D. graduates by August 1999; and
Enrolled as freshmen (but not as sophomores, juniors, seniors or graduate students ) by the 1999 fall semester at an accredited four-year undergraduate college or university.

To receive an application form and rules for this or other SEIU scholarships, complete and submit the request form by February 26 to:

SEIU Scholarship Committee, 1313 L Street, N.W., Washington, D.C. 20005
Return the completed application with required documentation by March 12.
Winners are announced in July. All applicants are notified.

$1,000 grants
The $1,000 grants are given as one-time awards.

In addition to scholastic achievement and other activities, judges consider a 500-word essay which applicants must submit.

Applicants must be:

SEIU members for at least three continuous years as of Sept. 1, 1998 or their children; and
Enrolled for the fall '99 semester as sophomores, juniors or seniors (no grad students) at accredited colleges, universities, community colleges or trade or technical colleges.

SEIU-Long Island University
If you want to attend LIU in Brooklyn, this is a great deal - full tuition for four years.
Three of these merit-based scholarships are awarded every year to three SEIU members or their children who are enrolled as full-time students at Long Island University, Brooklyn.

Application forms and rules are available from:
Allan Chavez, Dean of Admissions, Long Island University, One University Plaza, Brooklyn, NY 11201

Be sure to specify you want the SEIU/LIU Scholarship application. Winners are announced in July.

State AFL-CIO has $8,000 to school future labor leader

The state AFL-CIO offers a scholarship of $8,000, paid over four years, to an affiliate member's child pursuing a degree in labor relations or a related subject.

The winner, who will receive annual payments of $2,000 for four consecutive years, is chosen on the basis of academic merit and an essay on why it's important for all U.S. workers to have the right to organize for collective bargaining. Finalists will interviewed.

Applicants must be:
A 1999 high school graduate; and
The child or ward of a member of PEF or other union affiliated with the state AFL-CIO (PEF is AFT/SEIU Local 4053).

For an application and rules contact Cindy Gilligan at (212)-777-6040.Completed applications must be submitted with required documentation and essay by May 7. Winners will be notified in early summer.

AFT offers $8k boost in reaching
college goals

The children of PEF members can compete for four $8,000 Robert G. Porter Scholarships offered by the American Federation of Teachers. These four-year scholarships are awarded to college-bound, graduating high-school seniors. AFT also offers 20 one-time, $1,000 continuing-education grants for AFT/PEF members.

Robert G. Porter Scholars
The winners are selected on the basis of scholastic achievement, test scores, extra-curricular activities, an essay and letters of recommendation. For an application and rules, write to:
Porter Scholars
555 New Jersey Avenue, N.W.
Washington, D.C. 20001-2079
Visit AFT Online

Winners are notified in the summer. R. G. Porter one-time grants. Applicants must be an AFT (PEF) member for at least one year, and taking courses in labor relations or subjects related to their work. Applicants must submit a 350-word essay on how they would use the grant. And they will need a letter of support from PEF President Roger Benson or his designee.See directions above for obtaining an application form and rules.Winners are notified in the summer.

Division 236 awards 6 Neil Boyle scholarships

PEF Division 236 at the state Division of Parole has awarded six $500 college scholarships to children of its members.

The six winners of the annual Neil Boyle Scholarship awards and the two alternate winners were selected by a random drawing conducted at the PEF 1998 Convention held last October in Lake Placid.

The winners are: Jennifer Blair, daughter of parole officer David Blair; Colin Hanahoe, son of parole revocation specialist 2 Michael Hanahoe; Kiana Johnson, daughter of parole officer Anthony Johnson; Todd Middlebrook, son of senior parole officer Tom Middlebrook; Erin Oveis, daughter of parole officer 1 Matthew Oveis; and Melissa Tewksbury, daughter of parole revocation specialist Joseph Tewksbury.