What is a 529 plan?
The number 529 is the section of the Internal Revenue Code that governs the operation of state sponsored, tax advantaged college savings plans. A 529 College Savings Plan allows you to put aside money for future higher education expenses. Most states offer them. The money grows tax deferred and is tax-free when withdrawn if used to pay qualified higher education expenses. And because of their easy eligibility and contribution requirements, many families have found that 529 plans offer the best opportunity to save for college.
Contact Virginia 529 for more information or to request an enrollment kit.How do I set up payroll deductions?
You can set up payroll deductions for your 529 plan contributions. First you must set up your 529 plan with Virginia 529 directly. To begin to have payroll deductions taken for your new Virginia 529 account, you will need to log into your online Virginia 529 account and use the Direct Deposit Assistant to set up payroll deductions. This is located under the "Manage My Accounts" section. The assistant will allow you to select which accounts and the amount of your contributions. Once completed, print the document and provide a copy to Employee Health, Wellness and Benefits for payroll setup. If you need assistance please contact Virginia 529 at 1-888-567-0540, Select Option 3 for customer service.