As an employer, you want to offer a competitive suite of benefits while keeping administrative costs at a minimum. One benefit that can accomplish both is a payroll direct deposit program for a 529 college savings plan.
Payroll direct deposit for college savings
For as little as $15 per pay period, your employees can save for their children's and grandchildren's future education. They can even save for their own re-training and career development. Best of all, you can offer 529 through payroll direct deposit at no cost.
No extra administrative burden
We know that Human Resources and Payroll departments have overflowing workloads. That's why we've made the 529 payroll direct deposit benefits simple to administer. With online registration, which the employee completes him or herself, there is only one form to cross your desk. We use the same ACH direct deposit system that you are probably already using. Note: 529 payroll direct deposits use after-tax dollars. No filing FORM 5500.
Institutional Relationship Manager: Your onsite connection
Our onsite Institutional Relationship Managers* are knowledgeable professionals who can assist you before - and after - you put a payroll direct deposit plan in place. They can also answer questions from your employees about the importance of saving for higher education.
Depending on your needs, our staff can help you develop a strategy to effectively communicate this exciting new benefit to your HR/Payroll department and/or to your employees. These professionals can offer all the resources you'll need to get started:
- Discussing the realities of paying for higher education and the benefits of a 529 plan
- Assisting HR/Payroll departments with initiating payroll direct deposits
- Leading workshops for employees on the importance of saving for college and the benefits of 529 plans*
- Staffing benefits fairs*
- Providing educational materials for staff and employees
*Onsite services are available only in certain states.
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