Help your employees save for college! Offer payroll direct deposit for
To retain the best employees, you have to offer a competitive benefits menu while keeping administrative costs low. At the same time, the rising cost of higher education has your employees scrambling to save - not just for their children or grandchildren, but also for their own professional retraining.
At no cost to you to implement, your employees can elect to have as little as $25 withdrawn from every paycheck and deposited into a PA 529 account – a quick and easy way to save for their children's, grandchildren's, friends', or even their own future education.
That's why there is no better time than now to offer a PA 529 College Saving Plan through payroll direct deposit.
Why offer payroll direct deposit?
- Improve job satisfaction – employee compensation becomes more than payroll.
- Demonstrate commitment – address pressing employee concern about the future success of their children.
- Give tax break – PA state tax deduction lets employees deduct PA 529 plan contributions.
How does it work?
Employer participation in the Pennsylvania 529 College Savings Program requires minimal administration. There are no reports to file and nothing to collect. You simply provide information on our college savings program to your employees.
What does it cost?
It costs nothing to set up! PA Treasury administers the plan; we offer online enrollment via our Web site and payroll deduction. We also offer responsive customer support through our knowledgeable Customer Service Representatives. And we use ACH direct deposit, which you're most likely already using!
Our Program Specialists are here to help! We can help you develop a plan to effectively communicate this new benefit option to your employees, assist your HR/Payroll departments with initiating payroll direct deposit, and answer any questions your employees may have on the benefits of saving for college.
Let us do the work:
- Host webinars for employees before, during and or after working hours on the importance of saving for college and the benefits of the PA 529 College Saving Plan.
- Lead "lunch and learns" for employees on the importance of saving for college and the benefits of the PA 529 College Saving Plan.
- Staff benefits fairs.
- Provide educational materials for staff and employees, including fact sheets, brochures, and posters.
- Offer discounted enrollment for the PA 529 Guaranteed Savings Plan (there is no fee to enroll in the PA 529 Investment Plan).
Learn more about how we can help you offer the benefit of college savings to your employees call 1-800-440-4000 or e-mail us.