When it comes to saving money to pay for college, many parents are doing it the old-fashioned way: that is to say, they’re hoping for a miracle! A survey conducted in January of this year found that 57 percent of the parents polled had saved less than $10,000. But the survey found that parents do have high savings hopes.
When it comes to saving money, every little bit helps. But it can be difficult to put money into an account when unexpected expenses seem to come around every month. All it takes is the need for new tires for your car or a sudden illness and BOOM; there goes that month’s savings plan. That’s why an contributing to an NC 529 Plan® through your employer makes so much sense.
Benefits for Employees
When your employer allows you to contribute to your NC 529 Plan through payroll deduction or automatic draft, then saving for college can be as easy as saving for your retirement. It’s a little like automatically saving for retirement each month. An AARP study found that people are 15 times more likely to saveif they have access to a payroll deduction savings plan at work! And that’s not the only benefit to a plan through your employer:
Benefits for employers
And it’s not just the employees that reap the benefits. Employers can experience tangible benefits with minimal effort. The NC 529 Plan is a win-win for employee and employer. Employers can offer this savings opportunity to their employees through company payroll deduction or employee automatic draft at no charge. There are no set-up fees or administration charges, nor will there be any governmental reporting. We’ll even do a presentation at your worksite or participate in your benefits fairs, if you want. So how does all this benefit employers? It’s a perk that can help you a lot in the long run by:
We’ll Help You Start
If you’re an employee or an employer, you can learn more about the NC 529 Plan by visiting our website at www.nc529.org. If your workplace doesn’t have this benefit, it might be worth a visit with your benefits administrator to talk about the possibility of adding it. If you are an employer and you want to know more, you can always call us toll-free at 800.600.3453.