BlackRock Donates $1K to 586 Children of Pittsburgh Firefighters
A surprise gift is paying off for firefighters in the city of Pittsburgh — not just in helping pay for their children’s future education but also for how they think about saving for it.
The BlackRock Foundation is donating $586,000 to seed college savings accounts for the children of Pittsburgh firefighters. The gift will provide a $1,000 Pennsylvania 529 College and Career Savings program contribution to 586 children.
For many firefighter families, it’s the first step toward a long-term plan.
“They were all very excited and very surprised that a large organization such as BlackRock would be so generous — and very grateful that they are,” said Ralph Sicuro, president of the union representing roughly 700 city firefighters.
Mr. Sicuro said the impact of the $1,000 gifts goes beyond the initial deposit.
“This will now start off their children to be able to prepare for their future education,” he said.
“And most of my members who may have never initiated a 529 plan have gone into payroll deduction to add small contributions on a regular basis to hopefully either pay for or reduce the overall cost of their child’s education in the future,” Mr. Sicuro said.
That ripple effect — turning a one-time gift into a long-term savings goal — may be the most lasting benefit.
“At BlackRock, our mission is simple: to help more people build financial security over time,” said Joe DeVico, senior managing director and head of the Americas Client Business at BlackRock, and also a Pittsburgh native.
“This investment brings that mission to life by supporting firefighters’ children as they begin saving for education and career training,” he said, “putting them on the path toward in-demand careers and long-term stability.”
The education gifts were made in collaboration with the Pennsylvania Treasury Department and The Pittsburgh Foundation for the children of firefighters belonging to Pittsburgh Fire Fighters IAFF Local No. 1.
Money saved in 529 college savings plans is allowed to grow tax-deferred and can be withdrawn tax-free for qualified educational expenses, such as tuition, fees, books and room and board.
Recent legislation allows 529 funds to also pay for a broader range of higher education and career training that goes beyond four-year and two-year colleges — including career and technical training and even apprenticeships.
BlackRock, headquartered in New York, is a multinational investment company that manages more than $10 trillion in assets for pension funds, governments, corporations and individual clients.
“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 Pennsylvanians families build pathways to long-term financial security,” she said.
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