A unique financial wellness benefit for your employees
Why offer my529?
When you are looking for a competitive edge to attract and retain high-quality employees, offering employees my529 as a means to invest for education shows you care about them, their families, and their own educational pursuits.
Your employees can use my529, an educational savings plan, to invest 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 will hold a drawing for a my529 college savings certificate that can be applied to a new or pre-existing my529 account.
Booth presence at company fairs. Invite us to join your event.
A my529 representative will bring materials and giveaways, and hold a drawing for a college savings certificate.
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 firstname.lastname@example.org or 801.321.7153 to schedule a presentation and/or include us in your fair.
Here are some ways to engage your employees
- 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.