Offer savings at work with Indiana529

If your company would like to encourage a prepared workforce that will rely less on student loan debt in the future, consider offering Indiana529 as a benefit this fall.

Nearly 1,700 Indiana companies currently provide their employees with access to payroll direct deposit for contributions to Indiana529 Plans, Indiana’s tax-advantaged education savings program. Indiana529 hopes to expand this offering within the Indianapolis business community as a way to show support for families saving for higher education, including tech, trade, and registered apprenticeships.

“As of June 2024, employees who save at work have an average monthly Indiana529 contribution of $188. Those dollars go a long way to prepare for future education for the employee or their children. Every dollar saved is one less that has to be paid back with interest, and there’s no better place to start saving than at work,” said Marissa Rowe, executive director of the Indiana Education Savings Authority, the agency that administers Indiana’s 529 program.

Accounts are opened online with as little as $10, and funded with after-tax dollars. Employers who wish to offer payroll direct deposit can generally use their current ACH direct deposit system, so there is no cost to employers and no added administrative burden.

To learn more about the benefits of Indiana529, visit Indiana529Direct.com or contact Senior Institutional Relationship Manager Phillip Waddles at [email protected].

Indiana529 is administered by the Indiana Education Savings Authority (Authority). Ascensus Broker Dealer Services, LLC ("ABD"), the Program Manager, and its affiliates, have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping and administrative services, and marketing. Indiana529's Portfolios invest in: (i) mutual funds; (ii) a stable value account held in trust by the Authority at Vanguard; and/or (iii) an FDIC-insured omnibus savings account held in trust by the Authority at NexBank.

Investment returns will vary depending upon the performance of the Portfolios you choose. Except to the extent of FDIC insurance available for the Savings Portfolio, depending on market conditions, you could lose all or a portion of your money by investing in Indiana529. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Not FDIC-Insured (except for the Savings Portfolio). No Bank, State or Federal Guarantee. May Lose Value.