West Virginia Treasurer Riley Moore discusses the state’s Jumpstart Savings Program and an essay contest that will give up to 20 winners additional funds for their accounts Tuesday at the Caperton Center for Applied Technology at West Virginia University at Parkersburg. (Photo by Evan Bevins)

PARKERSBURG — State Treasurer Riley Moore invited students from West Virginia University at Parkersburg and the Wood County Technical Center Tuesday to establish Jumpstart savings accounts while they have a chance to start with up to $12,000 extra.

The program, similar to the Smart 529 college savings program, allows current and future members of the state’s skilled workforce to set aside funds to support their careers.

An essay contest around the theme “What Makes You Proud to be a West Virginia Skilled Worker?” is being run through the end of the year that will award up to 20 people $2,000 to deposit in such an account, with one randomly selected winner receiving an additional $10,000.

“It can be spent on anything (related to) the program you have graduated from,” Moore told students at the Caperton Center for Applied Technology at WVU-P.

For example, a welder could spend it on tools, equipment or even a truck to go from jobsite to jobsite. The guidelines are intentionally broad, Moore said.

West Virginia Treasurer Riley Moore discusses the state’s Jumpstart Savings Program and an essay contest that will give up to 20 winners additional funds for their accounts Tuesday at the Caperton Center for Applied Technology at West Virginia University at Parkersburg. (Photo by Evan Bevins)

“Don’t go out and buy a side-by-side with it and try to justify that,” he said.

Money deposited into the account can be deducted from taxes, as can money withdrawn from it for eligible purchases.

People can place money in the account for the short-term and tax purposes or keep it there longer, where investment options will give them an opportunity for a higher interest rate, albeit with greater risks, Moore said.

An account can be established at any time, including for a child who has yet to enter an eligible program or for someone who has graduated from one.

Moore said he worked as a welder but found it cost-prohibitive to start his own business. The Jumpstart program is a way to help people in similar situations, he said, while also encouraging people to pursue careers that are needed in West Virginia and around the country.

State Treasurer Riley Moore speaks to West Virginia University at Parkersburg and Wood County Technical Center students Tuesday at the Caperton Center for Applied Technology on the campus of WVUP. (Photo by Evan Bevins)

“We’re starting to see a lot of those jobs come back from places like China, Taiwan,” Moore said. “There’s an increased urgency in reinvigorating manufacturing in the U.S., not just service sector jobs.”

Students have long been encouraged to pursue a college education, he said, and while that’s a valid option, it’s not the path for everyone.

A candidate for the U.S. House of Representatives in 2024, Moore said that if elected he would like to pass legislation to make Jumpstart a nationwide program.

“That’s going to be one of my top priorities,” he said.

To enter the contest, people can visit www.wvjumpstart.com/contest and answer the question “What makes you proud to be a West Virginia skilled worker?” in 250 words or less. Entrants must be a West Virginia resident age 18 or older as of Sept. 26, 2023; be enrolled in or have completed a program through a community and technical school, Advanced Career Education Center or License 35 school, a state or federally approved apprenticeship, a high school technical education or a licensure or certification program approved by the program’s governing board.

State Treasurer Riley Moore speaks to West Virginia University at Parkersburg and Wood County Technical Center students Tuesday at the Caperton Center for Applied Technology on the campus of WVUP. (Photo by Evan Bevins)