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"We want our employees to be healthy and not worry about whether doctors' visits and hospitals stays will be paid for ... Our health benefits, which include vision and dental, are part of a rich commpensation and rewards package to attract top employees and stay competitive. " Diana Bonogofsky, HR Manager Micro Focus Sunnyvale, CA |
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529 Education Plans
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Section 529 Plans can ensure educational opportunity for you, your children and your grandchildren. Recent tax law changes make 529 Plans an extremely powerful engine for funding higher education.
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Anyone may set-up, own and/or contribute to a Section 529 Plan.
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There are no age or income limitations.
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Anyone may be the beneficiary of a Section 529 Plan, no limitations.
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The owner (usually an adult) controls the funds in the plan, not the beneficiary
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The owner can change beneficiaries at any time (subject to certain minimal limitations) The owner can even take back the cash (subject to a modest penalty).
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Funds in a Section 529 Plan can be used for any education related expenses (tuition, room & board, books) at any accredited post-secondary institution, public or private, in all states and some foreign countries.
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Investment earnings on cash contributed to a 529 Plan accumulate on a tax deferred basis
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If the money is withdrawn for a qualified educational purpose, those earnings become permanently tax free.
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In most cases, funds contributed to a 529 Plan are immediately considered outside the estate of the donor (even though the donor can reclaim them).
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To the extent that a beneficiary receives any sort of scholarship, the owner of the 529 account may recapture funds without penalty.
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529 Plan balances are considered an asset of the owner, not the beneficiary, for financial aid purposes.
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Any individual can establish a 529 Plan, but many employers will sponsor Group 529 Plans on a payroll deduction basis. In many cases a group offering will reduce or eliminate admin fees. Employers will provide education on-site and enrollment on-site and on-line.
Employers will integrate their 529 Plans into their overall benefit packages, providing a single point of information and a single service interface (e.g. our Virtual Benefit Manager). Offering a group 529 Plan will help an employer attract and retain top talent.
Once an account is established, the owner can invest the funds in any of a variety of mutual funds and periodically change investment options (subject to certain limitations).
Benemax can answer your questions about Group 529 Plans. We can research alternative plans and recommend one best suited to your company's needs. Once you have selected a plan, Benemax will coordinate employee education, enrollment and plan administration.
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