(305) 273-4066 | info@miamipayrollcenter.com

Payroll Processing Services Miami

The Latest Corporate Benefit: the 529 Plan

The 529 plan is coming to the workplace.

529 college savings planTo make it easier for employees to save money for college, more companies are adding 529-plan perks to workplace-benefits packages. Some employers allow workers to fund these college-savings vehicles automatically via payroll. Others kick in matching contributions. The goal is to make saving for college akin to saving for retirement by providing some of the same incentives that encourage workers to contribute to 401(k) accounts.

“We have absolutely seen an uptick in both interest and numbers of employers offering college-savings plans in the workplace, says Kris Spazafumo, a vice president at American Funds, whose CollegeAmerica 529 plan is the country’s largest by assets under management, according to Morningstar.

Read More

 

Related posts

Fiduciary Rule Delayed

Unless you’re a benefits or retirement manager, you probably have not paid much attention...

It’s Bonus Time!

Are you one of the lucky ones getting a year-end bonus? Many companies appear...

Leave a Comment

Leave a Reply

Your email address will not be published.




Top