Compare These Top Vendors for Higher Education Savings


Business directory to higher education savings information and advice.
Bank of America Merrill Lynch

Bank of America Merrill Lynch Offers Industry-Leading Retirement & Benefit Plan Solutions. Find Out How Our Vast Resources, Personalized Advice & Thought Leadership Can Help Your Employees Achieve Financial Wellness Today.

Bank of America Merrill LynchVisit www.benefitplans.baml.com

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Edu In Review

Scholarships, Schools, Tips & Advice for College Students - EduInReview.com.

http://www.eduinreview.com/
401k Plans

Information on 401(k) plans.

www.business.com/finance/401k-plans/
401k Rollover

Business directory to 401k rollover information and advice.

www.business.com/finance/401k-rollover/
403(b) Plans

Resources and services for 403(b) plans.

www.business.com/finance/403b-plans/
Retirement Consultants

Retirement industry advisers and consultants.

www.business.com/finance/retirement-consultants/
Retirement Plans

Companies that provide retirement plan benefits, including 401k plans and pensions. Get information on corporate retirement plans, or how to offer retirement benefits for employees.

www.business.com/finance/retirement-plans/
401k

401(k) plans allow employees to save for their retirement by contributing a portion of their wages to an individual account. Employers can also contribute to 401(k) plans in the form of employee benefits; be sure your 401(k) vendor can manage your employees’ investments wisely.

www.business.com/finance/401k/
401(k) Plans Key Terms

Source: /guides/401-k-plans-key-terms-33062/

Learning about 401(k) plans key terms is a good place to start if you're considering starting up a retirement fund for your employees. From automatic enrollment to matching, after-tax and pre-tax contributions, 401(k) plans have several terms you may want to know before beginning one of these programs. Read More »

401(k) Plans Industry Overview

Source: /guides/401-k-plans-industry-overview-21253/

The 401k plan grew from a little known tax code loophole--which is where the 401k name came from--to the most common way workers invest for their retirement. This industry possesses trillions of dollars in allocated 401k retirement plan contributions. Read More »

Higher Education Savings


As an employer that offers benefits, consider helping your employees find higher education savings. College tuition expenses are continuing to increase making it difficult for some families to send their children to college. Look at the following higher education savings tips that you can use to help your employees.

As a business owner you should be aware of the different options you can offer to your employees to help them save for college. The federal law offers two tax benefited savings accounts for families: an education savings account (ESA) and a 529 account. The ESA is a privately-managed account, while the 529 is a state-managed plan. Other advantages to creating a higher education savings plan include:
  1. The higher education savings plan donor is in charge of the account.
  2. The principal savings amount grow tax deferred, and when the money is used for college expenses are also tax exempt.
  3. Higher education savings plans have low to zero start up costs and nearly anyone can open an account.

Consider a Coverdell Higher Education Savings Account

A private brokerage will manage your employee's Coverdell higher education savings account, or ESA. There are some excellent benefits to saving for college with this kind of account--the disbursements are tax-deductible and any person, organization or corporation can contribute to the account. This account does have a maximum $2,000 per year contribution limit, however.

Help make higher education savings easier by recommending a 529

Though the 529 is a state-managed education savings plan designed to help families prepare for college expenses, it doesn't matter which state the account is opened in. If your business is in Vermont and your employees open California 529 accounts, they can use the money for any school they choose. Unlike the ESA, there isn't a maximum investment amount.

Partner with a tuition reward program for higher education savings

Your business can partner with financial companies to provide tuition rewards to your employees. These financial companies in turn partner with participating colleges and universities. When your employees participate in a 401K or other investment plan, they can receive discounts at these participating schools.
  • Help your employees save for college and seek higher education savings advice based on their individual needs. You should consult a financial and or tax adviser for information and higher education savings tips that meet the needs of your employees.