If your company’s payroll system can accommodate more than one bank account for the receipt of direct deposit funds, you are already set up to offer Future Scholar as a direct deposit payroll contribution. What could make it even easier? No government reporting is required to offer Future Scholar to your employees.
No Cost to Employer
Even though you can add Future Scholar as an employee benefit at no cost to you, the value you are adding for your employees is priceless. As of January 2021, 45 million Americans have student loans. According to the Department of Education, borrowers 50 to 61 years-old owe $213 billion. Borrowers over 62 owe more than $62 billion. Future Scholar can help break the cycle of student loan debt.
Contributions are completed after income taxes are deducted, making the process simple for employers. Employees benefit, too. They can deduct 100% of their contributions on their South Carolina state income tax returns. Their account earnings grow tax-free also, and withdrawals are free from state and federal income taxes when used for qualified education expenses.
Employees are in Control
Employees can manage their accounts and savings online, anytime. This includes adding new beneficiaries, making changes to their contributions and everything in between – it’s easy for them and for you!
Recruitment & Retention Tool
A customizable benefits package will give employers a competitive edge in attracting and retaining employees. A MetLife study showed that 53% of employees name “financial planning programs” as drivers that increase loyalty to their employer. 76% of Millennials, currently the largest segment of the workforce, say that benefit choices increase their engagement and loyalty.
We Can Help!
We offer a variety of ways to help employees understand the benefits of the Future Scholar 529 Plan - all at no cost to you:
- Make us a part of your next benefits fair
- Schedule a free lunch and learn presentation or webinar for your staff
- Provide 529 materials to your employees
- To learn more, or to schedule a presentation, contact a Future Scholar 529 Field Rep
Give employees the chance to fulfill educational goals with less debt.
"By adding Future Scholar to your employee benefits package, your business becomes more attractive to potential employees and shows your existing employees that you appreciate their hard work.
Most importantly, offering Future Scholar demonstrates that you value their families’ financial health and educational goals.”
– State Treasurer Curtis Loftis, administrator of Future Scholar