State treasurer touts college savings program

March 08--Arkansas State Treasurer Dennis Milligan on Thursday praised a program that allows state residents to put aside money for higher education. Milligan was the guest speaker at the West Pine Bluff Rotary Club meeting at the Pine Bluff Country Club.

Called Arkansas 529, Milligan said that "it's an opportunity to invest in your children, grandchildren, somebody else's children and the money follows the child."

He said the savings plans can be used not only for college but for non-traditional education programs.

"There's always a need for more carpenters, plumbers and the like," Milligan said.

He joked that he recently received a bill for a plumber and commented that the bill was more than he (Milligan) would pay a doctor.

"I know, I used to be a doctor," the plumber said.

Another advantage is that taxpayers can deduct up to $10,000 for a couple and $5,000 for an individual of their gift contributions from on their state income tax, and if the money is used for educational purposes, the earnings are tax-free.

Milligan, who is described as the state's banker, was first elected in 2014 and before that was the Circuit Clerk in Saline County. He said a major part of the job of his office is to invest the state's money wisely, and staff members watch the stock market on an almost hourly basis.

"It's important because every dollar we earn is one less dollar that someone will have to pay in taxes," Milligan said. "We also believe in transparency, and you can go to our website and see every investment we have, the rate of return and the maturity date."

He also talked about a financial literacy program for elementary school students that has been presented to more than 9,500 students in grades four to six.

Called AR Finance, AR Future, the program has been "very successful," Milligan said. "We've had a lot of positive feedback."

According to the treasurer's website, the program deals with saving and budgeting, and the knowledge they gain will help set the tone for the decisions they make in the future.

Milligan said his office at the State Capitol probably draws more visitors than any other office, with more than 23,000 people from all 50 states and a number of foreign countries visiting last year.

"We're one of the only states in the country that allows people into our vault," he said.

The office also houses the Arkansas Military Veterans Hall of Fame.

"There were some questions about where it was going to go, and I said we've got a place for it," Milligan said.

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