Add Utah’s educational savings plan to employee benefits
Why offer my529?
Your employees can use my529, an educational savings plan, to prepare for higher education expenses and K-12 tuition expenses.
my529 is an investment in the future—and an investment in your employees—all at no cost to you.
What my529 can do for employers
Do you have an online employee benefits page? Add a link to our website so employees have easy access to information about preparing for education costs.
Located in Utah? So are we.
Presentations. A my529 outreach representative can host a complimentary 45-minute presentation with your employees at most Utah businesses.
The presentation will break down the my529 essentials—from what a my529 plan is to tax advantages to how you can spend your 529 funds. We will provide materials and giveaways.
To help attendees jump-start their savings, we can offer a promotional match for your employees.
Booth presence at company fairs. Invite us to join your event.
A my529 representative will bring materials and giveaways, and offer a promotional match.
Accounts in every state
my529 helps families investing for education nationwide. We can also support you, no matter where your company is based.
- Find plan information, downloadable resources, and implementation ideas at my529.org.
- Give us a call or set up a meeting.
- Brochures and materials available.
my529 can provide materials for employee onboarding.
(From left) my529 Enrollment Kit, General Brochure
Download the my529 logo to help publicize the benefit to your employees.
Contact us today at email@example.com or 801.321.7153 to schedule a presentation and/or include us in your fair.
Here are some ways to engage your employees
- Make your employees aware of my529 with presentations and information explaining how they can easily create their own educational savings account (we can visit inhouse or virtually, and provide all the materials).
- Set up direct deposit through your HR benefits system so employees can contribute using payroll contribution.
- Offer a matching contribution for employees as a benefit. Similar to a 401(k) plan, employers would provide a matching contribution up to a specific amount.
- Utilize the my529 Gift Program to contribute to employees for special occasions like birthdays, newborn celebrations, graduations, scholarships, student report cards—it’s up to you. Once an employee activates the Gift Program, employers and/or co-workers can make contributions through the employee’s unique gift code.
- Make a merit-based or other bonus contribution to an employee’s my529 account.
Note: Any contributions employers make to my529 accounts are deemed employee compensation.
Who can open an account?
The person who opens an account is referred to as the Account Owner.
The account owner must be at least 18 years old and have a valid Social Security or Tax Identification Number. They do not have to be a Utah resident to open an account on behalf of a beneficiary.
Who can be a beneficiary?
The person who you are saving for is referred to as the Beneficiary.
The beneficiary must have a valid Social Security or Tax Identification Number. They do not need to be related to the account owner or be Utah residents.
The account owner and beneficiary can be the same person.
Here’s how a my529 account could help your employees
- my529 accounts are free to open—No minimum balance or contribution required.
- Earnings grow tax-deferred from federal and Utah state income taxes.
- Earnings are tax-free when spent on qualified higher education expenses.
- Utah state income tax credit is available to Utah taxpayers.
- Account owners can benefit from low fees.
- Several contribution methods are available: ACH, check, bill pay, payroll, wire transfer, Gift Program.
- Funds can be used at eligible schools nationwide and abroad—not just Utah schools.
- my529 funds can also be used for K-12 tuition expenses at public, private, or religious schools up to an aggregate of $10,000 annually per beneficiary.
- Payments on qualified education loans. This includes amounts paid—as principal or interest—on any qualified education loan of the beneficiary, or a sibling of the designated beneficiary. Withdrawals for loan repayments are limited to a total of $10,000 from all 529 accounts. Distributions to a sibling also have a $10,000 limit. However, the account owner cannot use 529 funds to repay a qualified loan and then use those same 529 funds to claim a tax deduction for student loan interest.
- Costs for registered apprenticeships, including fees, books, supplies, and equipment required for participation. To qualify, apprenticeship programs must be registered and certified with the Secretary of Labor under Section 1 of the National Apprenticeship Act.
Easy, no cost benefit
Let my529 help you launch a program to help make your employees’ future education dreams a reality.
Sponsor. The sponsor is my529, located at the Utah Board of Higher Education Building, Gateway 2, 60 South 400 West, Salt Lake City, Utah, 84101-1284.
How to Enter. Submit an email to firstname.lastname@example.org that includes your name, title and company between Monday, March 1, 2021, through Friday, March 12, 2021.
No Purchase Necessary. Purchase is not required to enter; opening a my529 account will not increase your chances of being selected for the award.
Selection of Award Recipients. On or about Wednesday, March 17, my529 will randomly select, a total of two (2) award recipients. The award recipients will each receive one (1) $50 Amazon gift card.
Recipients will be notified by email by Wednesday, March 24, 2021. All participants agree to be held to the Official Contest Rules and decisions of my529, which are final and binding in all respects.
Eligibility. Eligibility for the award is limited to:
- Utah HR professionals that received the my529 Employee Appreciation Day postcard mailer.
- Submitted an email to email@example.com that includes name, title and company name.
Restrictions. Limit one entry per eligible HR professional. An HR professional who submits more than once will be disqualified. Each recipient may be awarded one (1) $50 Amazon gift card.
Disclosure of Identifying Information. A recipient’s first name may be displayed on the my529 website (my529.org). Any other personal information, such as a last name or email address, is used solely for my529’s internal purposes. By entering, each participant accepts that the participant’s email address may be used by my529 for just one follow-up my529 notification.
Disqualification. Entries will be disqualified if they do not meet the rules and guidelines as set forth in this document:
- Name, title and company are not submitted electronically through the firstname.lastname@example.org email address.
- Entries do not provide required contact information.
- Entries are submitted multiple times for an entrant.
Official Contest Rules and List of Recipients. These are the Official Rules of my529’s Employee Appreciation Day HR mailer drawing. For a list of the recipients, go to www.my529.com/Employee-Appreciation. The list of recipients will be posted online after the recipients have been notified.