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If your employer offered college savings through payroll deduction would you participate?

I recently added this as a voluntary benefit to our employees and not even one employee has contacted my department to even get more info about it.
It is through our states 529 plan, is a tax-deduction, and earnings made through investing are income-tax free. The money is the employee's, there is no waiting period and there is only a minimum of $15 per pay period to participate. I'm just suprised that after I went through the trouble of setting up an account with the 529, nobody is interested. (As a side note, the average age of our employees is 25-30 and most have young children). Why do you think they are not interested??


Asked by FeelinYummy at 2:26 PM on Sep. 12, 2010 in Money & Work

Level 22 (15,081 Credits)
This question is closed.
Answers (13)
  • shoot I wish I could move to Ct and work for you... LOL

    Answer by MamiJaAyla at 6:59 PM on Sep. 12, 2010

  • I wouldn't. I prefer ESA accounts

    Answer by MissAlisabeth at 2:31 PM on Sep. 12, 2010

  • Maybe they're money is being spent on the "now" moment and they don't have any extra to devote to it at the moment. Anyone with small children have to allocate their money over many different areas and sometimes it just won't go any further.

    Answer by CafeMochaMom1 at 3:01 PM on Sep. 12, 2010

  • I think I would prefer an ESA too.

    My honest thought is that most of them probably aren't saving for their kids colleges is right now. It probably is because they are barely making ends meet- but heck if they just didn't have pizza once a month that $15 or $20 can really add up fast. Especially if you start early.

    Answer by Erica_Smerica at 6:12 PM on Sep. 12, 2010

  • Your employees are just not informed of the 529 benefits. A small, formal lecture from an advisor may tune them into what they are missing out on.

    Answer by jewjewbee at 6:47 PM on Sep. 12, 2010

  • Nope, if they want to do that, they should pay interest that will keep up with inflation-NO ONE WILL EVER DO THAT!! They wont make money or expenses lol

    Im not interested in college savings if i cant even make my mortgage or electric bill! Legal voluntary benefits, now your talking, thats helps with my needs and gives peace of mind making me a more relaxed productive employee.



    Answer by IraqiVetWife at 3:39 PM on Sep. 12, 2010

  • We already offer pre-paid legal and identity theft insurance as well, for these we also pay 20% of the premiums on their behalf.

    Comment by FeelinYummy (original poster) at 4:10 PM on Sep. 12, 2010

  • We also offer pre-tax Flexible Spending for dependent care and healthcare expenses, 4 different health insurance plans & a great dental plan (we pay 80% of the premiums); we offer tuition reimbursement, discounted auto and home owners/renters insurance, short-term disability, long-term disability, accident insurance, supplemental life insurance and cancer insurance (for these way pay 20% of the premiums). We pay for $10,000 in basic life insurance for all employees at no cost to the employee. We provide monthly reflexology treatments on the job (they get paid while they receive the treatment). We offer discounted massages with a licensed massage therapist (if an employee wants one they pay the massage therapist $40, we pay the other $40). We also provide lots of professional development opportunities at no cost to the employee. There's more, but I'm running out of room.

    Comment by FeelinYummy (original poster) at 4:15 PM on Sep. 12, 2010

  • Oh, we also provide free emergency day-care. We don't have full day-care center, but if an employee's child is sick or for some reason their regular day care situation is not available, they are free to bring them to the central office where we have a play room and the secretaries take turns baby sitting throughout the day. We also have a breastfeeding room for employees to take breaks to nurse their babies if their caregiver brings the baby to the employee at work.

    Comment by FeelinYummy (original poster) at 4:20 PM on Sep. 12, 2010

  • Can I work for your company?

    Answer by rkoloms at 5:39 PM on Sep. 12, 2010