Section 529 Plans
EinsteinHR Offers Educational Savings Accounts
Offering your employees a 529 Plan (officially known as Qualified State Tuition Program and found in Section 529 of the Internal Revenue Code) is an exciting new way to help them save for a child’s higher education.
Programs are administered by a state agency, or an organization designated by the state, such as a for-profit investment company. Plans differ from state to state, and some states have a plan with no specific residency requirements, making them available to prospective students from any state. Other state plans are available only to residents. Most states have a 529 Plan in place, or are in the process of designing such a plan.
529 Plan Tax Advantages:
- Earnings are federal income tax deferred until withdrawal, at which time they are taxed at the beneficiary’s tax rate.
- Some states also allow a state income tax deferral.
- And, contributions of as much as $55,000 per beneficiary can be made in the first year Let EinsteinHR assist you in offering a 529 Plan to your employees today. Call 877-687-3622 (emc2).
EinsteinHR offers nationwide section 529 plans, get a quote.
For more information on EinsteinHR’s section 529 plans, contact an EinsteinHR section 529 planning service specialist at 877-687-3622 (emc2).
