As an employer, you want to offer a competitive suite of benefits while keeping administrative costs at a minimum. One benefit that can accomplish both is a payroll direct deposit program for a 529 college savings plan, like the SSGA Upromise 529.1
When you offer the SSGA Upromise 529 as a benefit, you can give your employees the opportunity to help their children, grandchildren, or even themselves have a better future.
Payroll direct deposit for college savings1
For as little as $15 per pay period, your employees can save for their children's and grandchildren's, future education. They can even save for their own re-training and career development. Best of all, you can offer the SSGA Upromise 529 through payroll direct deposit at no cost.
No extra administrative burden
We know that corporate HR and Payroll departments have overflowing workloads. That's why we've made the SSGA Upromise 529 payroll direct deposit benefit simple to administer. With online registration (which the employee completes him/herself), there is only one form to cross your desk. We use the same ACH direct deposit system that you are probably already using. (NOTE: 529 payroll deductions use after-tax dollars.)
Institutional Relationship Manager: Your on-site connection
Our on-site Institutional Relationship Managers are knowledgeable professionals who can assist you before -and after - you put a payroll direct deposit program in place. They can also answer questions from your employees about the importance of saving for higher education.
Depending on your needs, our Institutional Relationship Managers can help you develop a strategy to effectively communicate this exciting new benefit to your HR/Payroll department and/or to your employees. These professionals can offer all the resources you'll need to get started:
- Discussing the realities of paying for higher education and the benefits of a 529 plan
- Assisting HR/Payroll departments with initiating payroll direct deposit
- Leading workshops for employees on the importance of saving for college and the benefits of the SSGA Upromise 529
- Staffing benefits fairs
- Providing educational materials for employees
Learn more about how we can help you offer the benefit of college savings to your employees:
- Phone. Call a Client Service Representative at 877-486-9251, Monday through Friday from 8 a.m. to 8 p.m. Eastern time.
- Email. Write us at firstname.lastname@example.org.
- Click. Complete the seminar and event Online Request Form.
Resources: Let us help you
To make this benefit as easy as possible, we are pleased to make the following resources available to you. Our Employer Kit includes a number of resources for your company.
- Employer's guide
- SSGA Upromise 529 Plan brochure
- Enrollment and Payroll Direct Deposit Procedures for Employees
- Employee Direct Deposit Form
- Seminar announcement poster
- SSGA Upromise 529 Plan poster
1 A plan of regular investment cannot assure a profit or protect against a loss in a declining market.