A Section 529 College Savings Plan (529 Plan) is a new way to set aside money to pay for qualified college expenses. You deposit after tax dollars, via payroll deductions, into an account. Earnings grow free of federal income taxes. Distributions are tax-free provided they are used for qualified educational expenses such as college tuition, room and board. Your savings through a 529 Plan can be used at accredited institutions of higher learning anywhere in the U.S. and at some foreign institutions. To start saving for future college expenses enroll through Benefits Administration.
Your investment in a 529 Plan grows free from federal income tax. Distributions for qualified education expenses such as college tuition, room and board are tax-free. Special Gift and Estate Tax Treatment- A 529 Plan allows gift tax exclusions under certain circumstances and offers special advantages for estate planning purposes. Everyone is eligible to participate. There are no income limits. You may change the beneficiary of your account to another family member as addressed in administrative regulations.
To discuss or meet with a 529 Plan representative, please contact the company of your choice.
Putnam College Advantage: Paul Walkington 1-800-892-5558, Ext. 87705
Georgia Higher Education Savings Plan: 1-877-424-4377
Contact 1-800-544-2270 (Please note, Fidelity does not have payroll deduction at this time. You may enroll in Fidelity’s 529 Plan; however, you must make arrangements for 529 Plan contributions directly with Fidelity)
Your enrollment material must be submitted to HR-Benefits Administration for payroll deduction processing prior to submission to the 529 Savings Plan company. Please forward to HR-Benefits Administration, Gables One Tower, Suite 100, LC: 2902. Keep a copy of your enrollment forms for your records.
For more information, please contact HR-Benefits Administration at 305-284-3004.