Why college savings plans are the next frontier of employee benefits

With the cost of higher education ever increasing, helping your employees save for college, trade school or vocational-technical training has become a new way to provide meaningful benefits and encourage well-being.

The strategy: A 529 is an educational savings account where money grows tax-free — and the CollegeInvest 529 Plan is a headache-free, voluntary benefit that can help businesses take care of employees and their families.

• CollegeInvest offers the official 529 savings plans of Colorado, making this an optimal benefit for local employers.
• Employers can offer the plan as a voluntary benefit, with or without making employer contributions.
• Making employer contributions significantly accelerates employees' savings potential — plus employers get a corporate tax credit for doing so.
• Plus, incentives are available worth up to $2,600 for eligible employees.

How it's done: Enhancing employee well-being is a mutual goal, so CollegeInvest's 529 savings plans are designed to be easy to implement for employers and flexible for employees.

• Employees can set up their accounts at their convenience, with no enrollment windows or fees.
• It's hands-off on the employer's end and requires no HR administration.
• CollegeInvest will participate in your benefits or wellness fair, ensuring the information reaches as many employees as possible.

Plus, plus, plus: The CollegeInvest team will conduct a comprehensive Lunch & Learn session for your employees in-person or virtually, where they…

• Discuss the current landscape of college expenses.
• Explain the benefits of saving as compared to borrowing.
• Break down the tax incentives of a 529 plan, including Colorado's specific 529 offerings.
• Show employees how to open an account and set up direct payroll deposit if they'd like.

Even better: Each employee who attends will receive a $50 Kickstart Bonus to get their savings started. 🙌

Why it's important: The 529 savings plan is an impactful benefit for parents, grandparents and adult learners. The savings can be used for specific education-related expenses, ranging from tuition or room and board to laptops, printers and more.

Plus…

• 529s can be used at eligible schools across the country, including trade schools, community colleges and even apprenticeships.
• CollegeInvest's 529 saving plans are the only 529 plans to offer a state tax deduction for contributions by Colorado taxpayers.
• New parents receive $100 and matching contributions of up to $2,500 through the First Step Program.

The takeaway: CollegeInvest's 529 plans support families, and they're an advantageous benefit to offer your employees to improve their financial well-being.

Get started with CollegeInvest — and make a positive impact on your employees.