How States Are Enticing Employers to Help Their Workers Save for College

Published On Oct 4, 2024, 9:00 AM

Several states are now incentivizing employers to contribute to their employees' 529 college savings plans through tax credits and deductions. Approximately 15% of larger employers already assist in funding these accounts, but this practice remains less common compared to other benefits such as student loan assistance. States like Wisconsin and Pennsylvania have recently enhanced their tax incentives, making it more appealing for employers to contribute. Other states offering similar benefits include Arkansas, Colorado, Idaho, Illinois, Nebraska, and Nevada.

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The growing trend of states providing tax incentives for employer contributions to 529 plans is likely to increase participation from employers. This can enhance the attractiveness of companies that adopt these benefits, potentially improving employee satisfaction and retention. Additionally, increased funding in these plans can lead to more investment in education savings, positively impacting educational institutions and potentially associated investment vehicles.

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