Employers Can Increase Employee Appreciation, Retention and Recruitment by Offering No-Cost Benefit Through The Education Plan®
For Immediate Release
Contact: Joanie Griffin
505.261.4444
jgriffin@sunny505.com
While hiring new employees can pose a challenge in today’s job market, retaining high-quality employees long term can prove equally difficult. Many employers are looking for cost-effective ways to make their business a more competitive option for job seekers
While hiring new employees can pose a challenge in today’s job market, retaining high-quality employees long term can prove equally difficult. Many employers are looking for cost-effective ways to make their business a more competitive option for job seekers, while showing their appreciation and dedication to their existing employees. New Mexico’s 529 college savings plan – The Education Plan®— is a no-cost benefit employers can offer to ease employee’s financial burden when paying for college.
“Many New Mexico families cannot afford to pay for college without taking out student loans,” said Carolyn Fittipaldi, Acting Executive Director, Education Trust Board of New Mexico. “A 529 college savings plan can help alleviate the need for some or all student loan debt.”
Whether a business is looking to hire new employees or retain existing employees, offering a way to easily help employees pay for college is a thoughtful way to show employees that they are valued and appreciated. Employers can set up The Education Plan® as a benefit at no cost and with no government reporting. Additionally, contributions can be made directly from payroll.
There are many benefits to the employee, as well. Contributions can be made with as little as $1. Contributions are tax deductible from New Mexico income tax, and the funds grow tax-free. Withdrawals are tax-free if used to cover education expenses including tuition, housing, meal plans, books, supplies, computers, and fees. Funds can be utilized at any vocational or trade school, professional school, college or university nationwide.
“Whether an employee is looking to advance their own education or save for their children’s education, a college savings plan is an invaluable asset,” added Fittipaldi. “For employers looking to go the extra mile, they can opt to add on matching contributions. Either way, this added benefit is a win-win for employers, employees and the future of New Mexico students.”
For more information on The Education Plan, go to theducationplan.com or call 1 (877) 337-5268
For Media Inquiries
Use the form below to contact our team.
