Each child receives $1,000 through PA 529 Education Savings Accounts to help build a path to future opportunity
Pittsburgh, PA –The BlackRock Foundation today announced a $586,000 donation to help the children and dependents of Pittsburgh firefighters build a stronger financial start. The grant provides 586 children with a $1,000 deposit to begin saving for future education and career training goals through the Pennsylvania Treasury Department’s PA 529 College and Career Savings Program (PA 529). This early investment supports long-term financial security and encourages families to take an early step in saving for their children’s futures.
The investment, made in collaboration with the Pennsylvania Treasury Department and The Pittsburgh Foundation, will give children of Pittsburgh Fire Fighters, IAFF Local No. 1 an early start toward saving for education and career training—including college, technical programs, apprenticeships, and other credentialing pathways.
“Whether it’s saving for future education and career goals, retirement, or any life milestone in between, starting early makes a difference,” said Claire Chamberlain, President of The BlackRock Foundation. “We’re proud to partner to help more Pennsylvanian families build pathways to long‑term financial security.”
The effort also serves as a catalyst to help more families open and contribute to PA 529 accounts, advancing the Pennsylvania Treasury’s work to make saving simpler and more accessible for families across the state. Children born in 2019 or later are also eligible to claim a $100 scholarship from Treasury’s Keystone Scholars program, further strengthening their savings from the start.
“Thanks to the generosity of The BlackRock Foundation, I’m thrilled that hundreds of children of our brave Pittsburgh firefighters have this great jumpstart to their education savings,” Treasurer Garrity said. “Investing in our children’s future with PA 529 is an incredible way to let them know their future is bright no matter what career path they choose – from community college, four-year universities, technical training, apprenticeships and credential programs – PA 529 can help them meet their goals.”
“Supporting the families of firefighters is one of the most meaningful ways to honor the work our members do every day. We are grateful to The BlackRock Foundation for this investment and the long-term opportunities it creates for our children,” said Ralph Sicuro, President of Pittsburgh Fire Fighters, IAFF Local No. 1.
This grant builds on BlackRock’s longstanding support of early wealth building initiatives and the firm’s belief in the power of capital markets to advance financial wellbeing. As BlackRock Chairman and CEO Larry Fink noted in his annual Chairman’s Letter, research has shown that early wealth-building accounts can make it more likely for someone to earn an advanced degree, start a business, and own a home. The BlackRock Foundation has supported nonprofits driving other early wealth building initiatives for families across the country, including by partnering with NYC Kids Rise, the California Early Wealth Partnership, and Invest America. Moreover, BlackRock announced last year that it would match the U.S. government’s $1,000 contribution for eligible U.S. employees’ Section 530A Accounts, also known as Trump Accounts.
About PA 529
PA 529 accounts allow families to save in a tax-advantaged account for qualifying educational expenses, no matter what career path a child may take — including tuition, fees, books, room and board, and more. Saving with PA 529 does not impact a student’s eligibility for Pennsylvania state financial aid. There are more than 335,000 PA 529 accounts open, with more than $9 billion saved for future education expenses. Families can learn more about how to start saving with a PA 529 account at pa529.com.
About The BlackRock Foundation
Guided by BlackRock’s purpose to help more and more people experience financial well-being, The BlackRock Foundation funds and partners with organizations that strengthen financial security by helping people earn, save and invest – earlier, more often and for their futures.
