Santa Fe, NM, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Boosting employee morale and showing appreciation can lead to increased employee retention and enhanced overall employee performance. To express gratitude and bolster employee satisfaction, The Education Plan®– 529 college savings plan—can be added to employee benefits packages at no cost to employers.
“2020 has turned the workplace upside down in many industries,” said Ted Miller, Executive Director of the Education Trust Board of New Mexico, the organization that sponsors The Education Plan®. “While businesses may be unable to increase salaries, adding a 529 savings plan is a way to make a positive difference without impacting the bottom line.”
A simple option for business owners, there is no government reporting required to offer 529 savings plans, and contributions can be made using payroll direct deposit. The Education Plan® also provides tax advantages. Contributions may be tax-deductible from state income tax, and the funds grow tax-free. Funds can be used for a child or loved one, or for the employee’s own education, and withdrawals are tax-free if used to cover qualifying expenses (tuition, housing, meal plans, books, supplies, computers, and fees) at a four-year university, community college, professional school, or trade school.
“Student debt is a huge stressor for families, whether for their own education or their children’s,” added Miller. “By adding the option to easily save for college to your employee benefits package, you can become a competitive employer, as well as say ‘thank you’ to your existing employees for their hard work during such a tumultuous year.”
The Education Plan® offers:
- An employee benefit with no cost to the employer
- Potential tax benefits for employees
- No fiduciary responsibility or government reporting for the employer
- An enhanced benefits package
- Employees the chance to further their education or their loved ones’ educations with less debt
- The company a competitive edge for recruitment & retention
To learn more about adding the Education Plan as part of your employee benefits package, visit TheEducationPlan.com/foremployers.