Your company doesn’t need to offer 529 college savings plans, and if you must, get the program free from your state

Employers have continued to explore a wide array of benefits, especially as the war for top talent has continued to become increasingly more difficult. 529 college savings plans are one option employers consider for a few reasons. For one, to create a commonplace for benefits amongst employees. Hoping to generate options that accommodate everyone. Another thought is that the benefit could give employees the opportunity to manage their plans all in one place. As they may currently be managing different 529 accounts.

In comparison, Student Loan Assistance has a rich history of being implemented by companies to help move the needle on key HR metrics. Programs have been proven to help employers attract talent 13% faster, retain talent 36% longer, and improve gender and cultural diversity. The benefit can also be offered tax-free under a section 127 educational assistance plan.

With that being said, for years of tried and tested results; Student Loan Assistance has been proven to be a more effective choice when it comes to educational assistance type benefits and ROI for your organization. If your company must put a 529 college savings plan in place, it’s best to do it free from your state. As nearly all support free options for individuals/employers to take advantage of.

Free State 529 Plan Option Links: