Invest through work529 plans and payroll deduction: A no-cost benefit to employers
As an employer, you want to offer a competitive suite of benefits - while keeping administrative costs and HR/payroll department efforts to a minimum. Given the rising cost of college, the challenges that families face trying to save for it, and the increasing number of people seeking vocational retraining, offering 529 plans through payroll deduction1 is an increasingly popular addition to a comprehensive benefits package.
Thousands of employers, from college campuses and state governments to Fortune 500 companies, currently participate in Upromise Investments-administered 529 plans through payroll deduction programs. We work closely with companies and agencies of any size to help establish payroll deduction procedures through the Automated Clearing House (ACH) system.
529works: First large 529 solution for large companies
529works is the answer for large companies (5,000+ employees) who want to offer 529 payroll deduction to their employees. It can be incorporated into a company's benefits package with a minimum of paperwork. Best of all, 529works makes introducing 529 payroll deduction easy and cost-free.
- Automates the payroll deduction process
- Supports offices in multiple states
- All at no cost to you or your employees
Easy to save for college with every paycheck
All your employee has to do to start saving for college is:
- Access 529works through your company's website or intranet
- Learn about 529 plans and select a state plan
- Enroll in a 529 plan
- Sign up for payroll deduction (If that plan is supported by the company); the payroll deduction request is automatically transmitted to your payroll system
For more information on how 529works can help your corporation extend its benefits with a payroll deduction program, call Upromise Investments at 1.888.601.5100.
1 A plan of regular investment cannot assure a profit or protect against a loss in a declining market.
2 Earnings on non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
3 Available in certain states only.
