A valuable benefit for employers and employees
People are a company’s most valuable resource, and financial stress can have a negative impact on an employee’s work. When employers make positive shifts to offer financial wellness programs in the workplace, employees take note.
Sixty-seven percent of millennials and 32% of baby boomers said that financial stress affects their workplace productivity, according to a 2017 Workplace Benefits report from Bank of America Merrill Lynch. The 2018 edition of the report noted that 91% of employees said that financial wellness programs had been effective, while 95% of employers said such programs have helped companies to reach their goals.
As a my529 account owner, you already care about investing for future higher education costs. Your employer could support that effort. You might suggest that your employer provide my529 as a no-cost benefit for employees. The benefit adds value for employees at no additional cost to the company.
What my529 offers for employers
Adding my529 to an employee benefits package could attract and retain top talent. my529 educational savings accounts can help employees prepare for education costs for their children and ease some worries about the future
my529 has been helping families prepare for the costs of higher education for more than 20 years. Recently, my529 began an initiative to help employers share the benefits of my529 with their employees.
Our plan can provide printed and digital materials explaining my529 educational savings accounts. my529 outreach representatives can give presentations at your businesses or set up information booths at benefits fairs. We’re also available for presentations or meetings.
If your company’s human resources payroll system has direct deposit functionality, employees can contribute to their my529 accounts directly from their paychecks. my529 account owners can also set up electronic contributions from their bank or credit union accounts.
All employers need to do is add a link from my529’s employee benefits page for employees to open an account. my529 accounts can be used at any university, college or technical school that is qualified to participate in federal student aid programs. Funds also can be used for K-12 tuition expenses, registered apprenticeships and repayment of student loans (qualified education loans) up to certain amounts.
Share these engagement ideas with your employer
- Offer a matching contribution up to a specific amount for employees as a benefit.
- Utilize the my529 Gift Program to contribute to employees’ accounts for special occasions like birthdays, newborn celebrations, graduations, scholarships, student report cards for their beneficiaries—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.