CHARLESTON, W.Va. (WVDN) – State Treasurer Larry Pack today unveiled new features for the Jumpstart Savings Program. The program will undergo several major changes including the transition from a savings plan to investment platform for current and future trade professionals through the state-administered Money Market Pool. The program was originally launched under Treasurer Riley Moore in 2022.
“We need to protect our well-paying blue-collar jobs and empower the talented individuals who use their skills to support their communities – and most importantly, their families,” Treasurer Pack said. “That is why my Office is proud to relaunch our Jumpstart Savings Program and provide investment functions for our skilled workforce who are the backbone of our nation’s economy. We will invest their funds using conservative and enduring values that are a mainstay of our state.”
The Jumpstart Savings Program will transition from a basic savings account to a state tax-advantaged investment account through the West Virginia Money Market Pool. The program allows individuals who wish to pursue a wide range of skilled vocations or trades – ranging broadly from welding to cosmetology – to save money for career expenses and enjoy certain state income tax benefits. Those who take advantage of the program can utilize their investments for business expenditures needed for their skilled vocation or trade which are eligible for a state income tax deduction.
“These changes build on Treasurer Moore’s vision by allowing individuals to cover the costs of entering the workforce while investing in their future,” Treasurer Pack said.
The West Virginia Money Market Pool has been in operation for over 20 years and is offered through the West Virginia Board of Treasury Investments (BTI). The objective of the portfolio is to maintain sufficient liquidity to meet the needs of skilled workers, entrepreneurs, and blue-collar workers while striving to earn a return above inflation.
Additional Changes:
- Introduction of a pre-paid debit card that participants can load with Jumpstart Savings account funds to pay for qualified expenses like tools, supplies, and equipment.
- The allowance of family, friends, and employers to make contributions to an individual’s Jumpstart Savings account by using PayPal/Venmo.
Individuals interested in enrolling in the Jumpstart Savings Program can visit WVJumpstart.gov to sign up. An account can be opened with as little as a $5 contribution.
