Families understand the lifetime benefits of a higher education. With the rising costs of tuition and other college expenses, helping your employees save for this future investment is a wonderful benefit to offer.
How to Get Started
Administering the Minnesota College Savings Plan (MNSAVES) in your workplace is free and easy – get started by learning more below or download the Employer Payroll Guide.
A New Employee Benefit at No Cost to You
You want more ways to differentiate and enhance your employee benefits package. With automatic payroll direct deposit, your employees get a hassle-free opportunity to save for their children’s higher education costs with low, budget-friendly minimums that make saving easy. And the best part? It costs you nothing and creates no additional administrative burdens. In fact, we’ll do all the work.
Check out the step by step payroll guides and free digital tools to help introduce MNSAVES to your employees.
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You’re probably familiar with 401k or 403b plans for retirement. A Minnesota College Savings Plan is similar, but it’s used to save for higher education. With tax advantages for Minnesota residents, an easy-to-use digital interface and 11 investment options, Minnesota makes saving affordable and accessible.
College Savings is an issue families care passionately about. Make MNSAVES a critical addition to your Financial Wellness program.
College Savings – A critical addition to your Financial Wellness program
A Passionate Concern of Your Employees
It’s an understatement to say that college savings is an important financial goal for families with children. “We see it firsthand every time we host a workshop for employees,” said Chris McLeod, Tuition Financing Consultant with TIAA-CREF Tuition Financing, Inc. “We are talking about an issue that is top of mind for parents, grandparents, aunts, uncles etc. Seeing the next generation succeed is very near and dear to the heart.”
Families understand the importance of higher education to the future of their children and other loved ones. Studies show there is a clear hierarchy in both income level and growth rate of income as the level of education increases. Even “some college,” or an uncompleted bachelor’s degree, provides a higher level of income than graduating from high school alone. As a result, the demand for higher education continues to rise while student loan debt has skyrocketed.
For many families, higher education is the gateway to the American Dream. MNSAVES can help your employees accomplish their college savings goals and turn dreams into reality.
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