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Corporate sponsored 529 plans
A simple turnkey employer-sponsored 529 plan
The Scholars Choice Education Savings Plan offers the added benefit of providing access to a corporate plan for qualified business owners. At no cost to the employer and with the benefit of offering employees an opportunity to save for educational expenses, it is truly a scholarly choice. Check out our fillable flyer highlighting the benefits for employers and employees.
Employees have financial goals – like ensuring they have a plan to ensure a comfortable retirement. But one often overlooked is paying for their child’s higher education expenses. Explore our fillable letters (evergreen; timely) to engage with HR and decision makers.
- Easy to use
- No contract or reporting requirements
- No cost to employers
- Potential tax savings
How it works
You would set up the corporate program for employees to invest in Class A @ NAV or Class I units of the Scholars Choice Education Savings Plan. Class I is the lowest cost (no load) choice for plan participants and contains all the available investment options.
For Colorado employers: Up to $500 per employee
For every dollar an employer contributes to an employee's Scholars Choice 529 account, the employer receives a 20% tax credit, up to a maximum of $500 per employee per year. So, an employer could give up to $2,500 per employee and receive a $500 Colorado state tax credit for each person.
- Employers can receive up to $500 state tax credit per employee, per year; employers are required to record their contributions via the CollegeInvest Employer portal
- Dollar-for-dollar deduction on state income taxes for the employee up to $20,000 (individual) or $30,000 (joint)1
- Have the employee fill out an employer-sponsored workplace 529 form
- If applicable, have the employee fill out a direct deposit form
Please contact Nuveen sales & service with any further questions at 800-752-8700.
To establish a selling agreement with Nuveen please contact us here: email@example.com
1 Contributions are deductible from Colorado State income tax in the tax year of the contribution up to the account holder’s Colorado taxable income for that year. Such deductions are subject to recapture in subsequent years in which non-qualified withdrawals are made.
There are various risks associated with an investment in the Scholars Choice Education Savings Plan; principal loss is possible. The Scholars Choice Education Savings Plan’s Investment Portfolios are subject to the risks of the underlying fund(s) in which they invest and other risks, as described in the Plan Description. To obtain a more complete description of the investment policies and risks of the underlying funds, please refer to the current prospectuses for the underlying funds. The Target Allocation Portfolios are currently comprised of four Investment Portfolios.
The Target Allocation Portfolios are designed for account owners who prefer a diversified Investment Portfolio with a fixed risk level rather than a risk level that changes as the Designated Beneficiary ages.
The Enrollment Year Investment Portfolios are intended for Account Owners who prefer an Investment Portfolio with a risk level that becomes increasingly conservative over time as the Designated Beneficiary approaches expected enrollment in an Eligible Educational Institution and/or expected year in which amounts will be withdrawn to pay for Qualified Higher Education Expenses. There are ten target Enrollment Year Investment Portfolios that invest in multiple underlying funds, each of which has a different investment strategy.
Before investing, carefully consider the investment objectives, risks, charges and expenses of the Scholars Choice Education Savings Plan, including whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investment in such state’s qualified tuition program. For this and other information that should be read carefully, please read the Plan Description or request one at 888-5-SCHOLAR (888-572-4652).
Participation in the Scholars Choice Education Savings Plan does not guarantee that the account’s assets will be adequate to cover future tuition or other higher education expenses, or that a designated beneficiary will be admitted to or permitted to continue to attend an institution of higher education. Contributions to an Account and the investment earnings if any, are not guaranteed or insured.