Edvest available through payroll deduction
Edvest, Wisconsin’s 529 College Savings Plan, is now available to every Wisconsin employer, including state employees, as part of their employee benefit package, the state Department of Financial Institutions has announced.
Similar to a 403(b) or 401(k) savings program for retirement, account holders may now contribute to their Edvest account from their payroll with direct deposit.
Edvest is designed to make saving for college easier, and integrating Edvest contributions into payroll direct deposit contributes to that, says Jay Risch, secretary for the DFI. Funds saved through Edvest can be used for higher education expenses such as tuition and fees, room and board, books, computers and related technology at institutions of higher learning nationwide.
This fall, Edvest is featuring this special benefit offering at more than 33 benefit fairs for government employers and employees across the state. For information on how to sign up, visit the Edvest website.
Wisconsin residents who contribute to an Edvest account may be eligible for a state tax deduction of up to $3,200 per beneficiary for the 2018 tax year.