If your employer offers payroll deduction, you can contribute to your Minnesota College Savings Plan from your paycheck for as little as $15 per pay period. You can stop, start or change your deduction amount at any time.
If you leave your employer, contributions will automatically stop You can contribute via payroll deduction at your new employer if they offer this benefit. You can also choose to add contributions to your account anytime by personal check, setting up an automatic contribution plan from your checking/savings account, or contributing online through electronic funds transfer. Family members and friends can also make a gift contribution to your beneficiary.
To set up payroll deduction, please download the Employee Payroll Deduction Instructions.
For Human Resource Professionals
You can give your employees an added benefit, at virtually no cost to your company, by offering your employees the convenience of contributing to the Minnesota College Savings Plan through payroll deduction. It’s easy for you to administer and flexible for your employees:
- It's simple to administer and a low-cost way to provide a valuable benefit to employees.
- There are no set-up costs or contracts to sign.
- Contributions are made after-tax so W-2 adjustments or 5500 administration is required.
- You can stop or start payroll deduction as a benefit for employees at any time.
- There are no open enrollment periods.
To set up payroll deduction, please download the How to Administer Payroll Deduction Guide.
How to communicate the benefit of a 529 Plan to your employees.
We are here to provide information about the Minnesota College Savings Plan to you and your employees. We are available, at no cost to you, to host on-site employee seminars, on-line web based presentations, or attend employee benefit fairs to educate your employees about the Minnesota College Savings Plan and its many benefits.
Our online Employer Payroll Deduction Guide contains the information you will need to begin. The guide provides general information about the Minnesota College Savings Plan, details concerning the free employer resources available to you and, most importantly, all of the specifics you will need to begin offering payroll deduction to your employees Each component of this guide is discussed below.
- Minnesota College Savings Plan Brochure
The brochure provides a brief overview of the Plan. The brochure contains a business reply card allowing employees to request a Minnesota College Savings Plan Enrollment Kit. The brochure is ideal for new hire packets and for display where space is limited.
- Minnesota College Savings Plan Enrollment Kits
This kit contains a brochure providing Plan details and advantages. The kit also contains forms to enroll and a Plan Disclosure Booklet. These are ideal to have on hand if employees are ready to enroll in the Plan which they must to prior to starting payroll deduction. (Online enrollment is also available).
ADDITIONAL MARKETING MATERIALS:
- Sample Webinar flyer
- Sample On-site Presentation Flyer
- Sample E-newsletter announcements
- Sample Print Ads
- Sample Web Banners and Ads
- Sample Newsletter Articles
PDF files require the free Adobe Acrobat Reader. Get it here.