Enhance Your Company’s Benefits with a 529 College Savings Plan

Did you know that you can offer your employees more benefits without impacting your bottom line? Savvy employers recognize the importance of offering innovative benefits and resources, beyond traditional 401(k) plans and health insurance, to recruit and retain employees. In California, there are over 1,000 employers participating in the ScholarShare 529 Workplace Savings Program (WPS).

Offering a voluntary college savings plan supports financial wellness in the workplace and can be mutually beneficial for employers and employees. In SoFi’s recently released “The Future of the Workplace Report,” a quarter of the employees surveyed said stress affects their workplace productivity. By offering access to voluntary benefits that support financial wellness, employers have an opportunity to reduce stress and support overall employee wellness in and out of the workplace.

529 Plans Help Finance College Costs

Many families feel the stress of financing an education. Offering 529 plans in the workplace enables employees to get the help they need in making sound decisions for their loved ones’ future.  State-sponsored 529 accounts pay for college expenses and other education costs. Money deposited in the accounts is invested and grows tax-free when used for qualified higher education expenses, such as tuition, accommodation, books, or equipment.

Employees and parents want to invest in the future of their loved ones, and most parents feel that it's their responsibility to help contribute financially to get their kids on their path forward. And it's for good reason—College graduates make 65% more than their high school grad counterparts and are half as likely to be unemployed. Helping employees plan for tomorrow while quelling their stresses of today is all part of a successful financial wellness program.

No Cost to Employers

ScholarShare 529 WPS is an easy benefit for employers to implement. There is no cost for employers, no administration, no reporting, and no contract is required. Contributions can be made with after-tax dollars via Payroll Direct Deposits or employees’ bank accounts. Employer matching contributions are welcome but not required. Education for employees is provided with webinars and 1:1 meetings by ScholarShare 529 Education Savings Consultants.

Visit us at www.scholarshare529.com/employer or email us at workplace529@scholarshare.com to learn how your employer can become a ScholarShare 529 partner.

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To learn more about California's ScholarShare 529, its investment objectives, risks, charges, and expenses, see the Plan Description at ScholarShare529.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed, and there is the risk of investment loss.TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, is the distributor and underwriter for ScholarShare 529.