Including Ohio’s 529 Plan in the workplace
Many employees would not know about a 529 plan if it were not for their employer. Employees trust their employers to give them reliable financial information. According to the 2022 Wellness Barometer Survey by BrightPlan, 72% of employees are stressed about their finances so it is no surprise financial wellness programs are on the rise in the work setting.
By offering information about Ohio’s 529 Plan in the workplace, you will provide an opportunity for your employees to learn about the tax-advantaged way to save for education. This provides an easier path to a better future for employees, their children, and their grandchildren.
An Edward Jones study about 529 awareness revealed, “86% of employees would participate in a 529 plan if it was offered by the employer.”
Ohio 529 recognized among the nation’s best
When reading through financial websites, you will discover the high regard for Ohio’s 529 Plan. Financial industry organizations like Morningstar, Saving For College, CNBC, and Forbes have all rated Ohio’s 529 Plan as one of the best college savings programs in the nation.
Payroll direct deposit for Ohio’s 529 Plan
For as little as $25 per pay period, employees can save for their children's and grandchildren's education after high school. Employees can even save for their own re-training and career development with Ohio’s 529 Plan.
With CollegeAdvantage Direct 529 Savings Plan, the employee will open and manage their account through our website. Employees will then choose the mode and how often to contribute to an account. One of the modes is payroll direct deposit; this is where employers can encourage regular and ongoing contributions by making it known that direct deposit is available.
We use the same ACH direct deposit system you’re already using to deposit payroll to bank accounts, credit unions, and other depositories. CollegeAdvantage Direct 529 Plan payroll direct deposit is made with after-tax dollars. Ohio’s 529 Plan is treated as a checking account, and a sample employee direct deposit confirmation form is located in the Info Hub.
Payroll direct deposit is not mandatory; however, it is definitely an added convenience for your employees.
How to introduce Ohio’s 529 Plan in the workplace
Our representative will consult with you to determine the best way to introduce Ohio’s 529 Plan in your workplace. This could include: Utilizing the pdf of our introductory brochure, scheduling a lunch and learn, email communication, virtual or in person presentations, or being at a benefit fair. Email firstname.lastname@example.org to get started!
What is the cost or time commitment expected of employers?
- There is no charge for our resources, consultation, or representation. Employers choose the time investment based on current programming, i.e., if there is an established email format, an annual benefit fair, etc. Our marketing representative will provide ideas as to the best way to introduce Ohio’s 529 Plan based on each employer’s unique work setting.
- Send us an email and we'll gather materials for you to help you fit Ohio's 529 College Savings Plan into your workplace.
- Interested in information for your internal newsletters? You’ll find educational articles to include or link to on the CollegeAdvantage blog.
- Ready to book us at your benefit fair or schedule a lunch-and-learn? Email us to set up a date and time.