More benefits at no additional cost – supporting employees with the college savings process

As employers, your primary goal is to offer an extensive suite of benefits to employees while conserving spending where possible. With a payroll direct deposit program for the Arkansas 529 College Investing Plan, employees have the opportunity to invest in their children’s 529 college savings plans with as little as $15 deducted per paycheck per account.

With this valuable feature, Arkansas employers can receive a business tax deduction of up to $500 per each employee match into an Arkansas 529 plan. Employees can feel good about providing their loved ones with the opportunity to attend college, and you can feel good about giving back.

Why the Arkansas 529 GIFT Plan?

The Plan offers a variety of benefits for college savers in Arkansas, including:

  • A state tax deduction of up to $5,000 (and up to $10,000 for married coules filing jointly) for contributions to an Arkansas 529.
  • Tax deferred earnings, and tax-free qualified withdrawals.
  • A low minimum investment - open your account with as little as $25.

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No added burden for employers

We know that corporate human resources and payroll departments have overflowing workloads. That’s why we’ve made the Arkansas 529 payroll direct deposit benefit simple to administer. With online registration, which the employee completes him/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: Arkansas 529 payroll deductions use after-tax dollars.

Participating employers will get access to 529 Boost, an online tool that can help facilitate custom matching programs, upload and store lists of eligible employees, and manage eligibility throughout the year. Register for access at

On-site connection

Knowledgeable professionals are available to assist you before and after you put a payroll direct deposit program in place. They can also answer questions from your employees about the importance of saving for higher education.

Depending on your needs, we can help you develop a strategy to effectively communicate this exciting new benefit to your human resources and payroll departments, and/or to your employees. We 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 human resources and payroll departments with initiating payroll direct deposit
  • Leading workshops for employees on the importance of saving for college and the benefits of the Arkansas 529 plan
  • Staffing benefits fairs
  • Providing educational materials for employees

If you are interested in learning more about setting up payroll direct deposit program, please enter your information below.




Contact our office at 501-682-1406 for information on how to start offering this benefit to your employees.

Ascensus Broker Dealer Services is the distributor of The Arkansas 529 GIFT Plan, Learn more about Ascensus Broker Dealer Services, LLC on FINRA's BrokerCheck FINRA's BrokerCheck.

For more information about the GIFT College Investing Plan (the "GIFT Plan"), call 1.800.587.7301 or visit to obtain a Program Description and Participation Agreement, which includes investment objectives, risks, charges, expenses and other information; read and consider it carefully before making an investment or sending money. Ascensus Broker Dealer Services, LLC ("ABD") is the Distributor of the GIFT Plan.

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 college savings plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The GIFT Plan is a college tuition savings program sponsored by the State of Arkansas and administered by the Arkansas Section 529 Plan Review Committee ("Committee"). ABD, the Program Manager, and its affiliates have overall responsibility for the day-to-day operations, including investment advisory services, recordkeeping, administrative services and marketing of the GIFT Plan. The GIFT Plan's Portfolios invest in: (i) mutual funds; or (ii) an FDIC-insured omnibus savings account held in trust by the Committee at Sallie Mae Bank. Except for the GIFT Plan Savings Portfolio, investments in the GIFT Plan are not insured by the FDIC. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the GIFT Plan Portfolios you choose. Except to the extent of FDIC insurance available for the GIFT Plan Savings Portfolio, you could lose all or a portion of your money by investing in the GIFT Plan, depending on market conditions. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Not FDIC-Insured (except for the GIFT Plan Savings Portfolio). No Bank, State or Federal Guarantee. May Lose Value.