It’s easy to help your employees save for their children’s future with The Education Plan
Looking for an easy, no cost way to enhance your current employee benefits and increase morale? The Education Plan will help you attract and retain your best employees by helping families save for college with a 529 account.
The Education Plan is New Mexico’s 529 education savings plan, administered by The Education Trust Board of New Mexico. It is intended to help more New Mexicans achieve their higher education goals and to reduce the burden of student loan debt.
Enabling your employees to make deposits directly into their children’s 529 college savings plans is easy to set up and at no charge to your company. You can play a key role in strengthening your current and future workforce with one easy step. Adding The Education Plan to your current voluntary employee benefits package is an easy, hassle-free way for you to support the financial wellbeing of your employees. Dedicated outreach staff members are available to conduct educational workshops, supply information and provide hands-on enrollment assistance.
Studies show that with just $500 saved, a child is three times more likely to attend college or vocational school and four times more likely to graduate. With no minimum contribution required, an account can be opened at any time and savings can easily grow with the help of contributions from family and friends. Plus, contributions are fully deductible on New Mexico state income tax returns. Investment growth and distributions are tax-free as long as the account is used for qualified education expenses.
The Education Plan is both flexible and versatile, individuals can open an account for anyone – a child, other loved ones or even themselves. Plan funds can pay for qualified expenses including tuition, housing, books, computers, fees and more, and can be used at any accredited college, university, professional, trade or vocational school anywhere in the country or online, and even many internationally.
If a plan beneficiary doesn’t use the money in the account, the account owner can change the beneficiary to another member of the family. In addition, 529 plan savings have a minimal effect on financial aid eligibility if owned by a parent or the student.
Family Friendly businesses can easily promote a strong workforce by enhancing their benefits package by including The Education Plan. If more employers followed suit, it could have an unprecedented impact on workforce and economic development in New Mexico.
To learn more about offering The Education Plan as an employee benefit, visit www.theeducationplan.com/employers or call (505) 412-5121. Please mention that you are a Family Friendly New Mexico business.