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529 College Savings Plans

Helping you meet your education goals

Need to save for your child or grandchild's college education? A 529 plan is a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses of a designated beneficiary. It is named after section 529 of the Internal Revenue Code.

Advantages of 529 Plans:

All money grows federal and state income-tax free.
All distributions for qualified higher education expenses are federal income-tax free (federal tax-free withdrawals expire 12/31/10 unless extended by Congress).
Many states also exempt withdrawals from state income-tax for qualified higher education expenses.
Money can be used virtually everywhere—over 8,000 schools in the U.S. and over 800 foreign schools.
Money can be used to pay for tuition, room, board, books, fees, supplies, and required equipment.
The beneficiary can be changed at any time.
High maximum contribution limits.

The Company will set up a direct deposit from your paycheck with any 529 Plan that accepts it. To set it up, complete the Direct Deposit Payroll Authorization Form.

Visit the Personal Finance Center (PFC) for information on 529 Plans offered through the PFC.