More benefits at no additional cost - supporting employees with the college saving 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 Arkansas 529 GIFT, employees have the opportunity to invest in their children's 529 college savings plans with as little as $15 invested per paycheck per account.
With this valuable employer feature, employees can feel good about providing their loved ones with the opportunity to attend college, without the burden of exorbitant spending.
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 wide range of portfolio options, including a Savings Portfolio, age-based options, and custom portfolios.
- A low minimum investment - open your account for as little as $10 a month with recurring contributions.
No extra administrative burden
We know that corporate HR and Payroll departments have overflowing workloads. That's why we've made the AR 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: 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 529boost.com
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 HR/Payroll department 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 HR/Payroll departments with initiating payroll direct deposit
- Leading workshops for employees on the importance of saving for college and the benefits of the AR 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.