A 529 Education Savings Plan is a Great Benefit for Employees

Santa Fe, NM, March 14, 2023 (GLOBE NEWSWIRE) — In today’s competitive marketplace, where employers are striving for new ways to keep their workforce, a 529 education savings plan can be a great addition to a company’s suite of benefits. The Education Plan® can be implemented at no cost to employers and requires no government reporting, making it a quick and easy employee benefit to include. Plus, if desired, employers can choose to match all or a percentage of employees’ contributions. With this tax-advantaged plan, employers can help their employees prepare for their future or the future educational needs of loved ones easily through payroll deduction.

“The Education Plan offers a 529 education savings plan that gives employees access to tax-advantaged savings toward their future education goals–either for themselves or for a loved one,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the organization that administers The Education Plan. “This plan allows employers an easy avenue to add to employee benefits options and can even be set up to allow employees to contribute directly from payroll. In today’s competitive hiring landscape, employers are looking to diversify benefits for both recruitment and retention. We encourage all employers to consider offering a 529 education savings program like The Education Plan to show their appreciation to their hardworking team members in a meaningful and impactful way.” 

Offering The Education Plan as part of a benefits package provides employers with an easy way to support the financial well-being goals of their employees and empower them to meet their future education goals and those of their loved ones. It helps employees plan for long-term financial stability, encouraging them to stay with the company and providing motivation for further job performance. Additionally, with rising college tuition costs and the current student debt crisis, it can help alleviate the burden and stress of planning for future education costs for employees, making it a win-win for both the employer and employee. The plan comes with no cost to the employer, and easily enhances an employee benefits package in a unique, innovative, and future-thinking way.

529 education savings plans are flexible, giving employees an option to save for the future—even if they might not have it mapped out yet. 529 plans can be used at vocational or trade schools, professional schools, colleges, or universities nationwide to pay for qualified education expenses including tuition and fees, housing, meal plans, books, supplies, computers, and apprenticeship expenses.

“With its potential for long-term growth and ease of use, The Education Plan is a perfect way to express your gratitude, while making a lasting impact on the lives of those who keep your company running day to day,” Cordova added.

To learn more about The Education Plan or to begin saving today, visit TheEducationPlan.com.