New York College Savings Program (529 Plan)
Ìð¹ÏÊÓƵ is offering the New York's 529 College Savings Program, managed by Upromise Investments, Inc., to our voluntary benefit offering making saving for college convenient for our full time and part time faculty and staff.
Now more than ever, families need a college savings strategy that helps them reach their goals in the most efficient way possible. The best way to meet this challenge is to start planning and saving now. The New York College Savings Program is designed to help you and families save for college in the most convenient, flexible and affordable way possible. In addition, it also provides federal and state tax advantages as defined by Section 529 of the Internal Revenue Code and New York State tax regulations.
The New York College Savings Program provides an opportunity for employees to save towards higher education expenses, including tuition, fees, supplies, books, and equipment required for enrollment at eligible undergraduate, graduate or professional institutions (including vocational, business, and trade schools) in the United States and around the world. Most room and board expenses are also covered for students enrolled at least half time.
Some of the benefits of this program are:
- Minimum contribution of $15/paycheck
- Contributions and earnings grow tax free
- Choice of four investment options
- Qualified withdrawals are tax exempt from federal and New York State taxes
- Eligibility for a tax deduction ($10,000 married filing jointly; $5,000 filing single)
- Portability upon separation from the University
- Maximum contributions of $100,000/beneficiary; lifetime maximum of $235,000, inclusive of earnings
- Employees can set up as many accounts on behalf of beneficiaries, in which no familiar relationship is needed to exist and there is no age restriction
The best way to ensure that your children receive the college education they deserve is to start planning and saving today. View more information about the , or please call toll free at 1 (800) 420-8580.
Once employee completes the process, he/she will receive a payroll deduction form – the employee has to contact Payroll (not Benefits) for instructions concerning modifying his/her direct deposit info to include the portion now directed to NY529.