New Investment Options for Skilled Workers and Trades Professionals
On October 23, at the IBEW Local 466 Headquarters in Charleston, West Virginia State Treasurer Larry Pack unveiled new features for the Jumpstart Savings Program. The program will soon transition from a traditional savings plan into an investment platform through the state-administered West Virginia Money Market Pool, designed to benefit current and future trade professionals.
Investing in West Virginia’s Workforce
“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.”
LARRY PACK, WEST VIRGINIA STATE TREASURER
How the Jumpstart Savings Program Is Changing
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 helps individuals pursuing a wide range of skilled vocations and trades — from welding to cosmetology — save money for career expenses while receiving state income tax benefits.
Participants can use their investments for business expenditures and tools of the 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.
Backed by the West Virginia Board of Treasury Investments
The West Virginia Money Market Pool has operated for more than 20 years 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 professionals, while aiming to earn a return above inflation.
The Jumpstart Savings Program was originally launched under Treasurer Riley Moore in 2022, and Treasurer Pack’s updates ensure it continues to provide meaningful support for West Virginia’s workforce.
For more information on the program and how to open an account, visit www.wvjumpstart.gov
