SET with MET
Invest in your employees through new benefit programs
Now that unemployment numbers in Michigan are at a 15 year low, employers are having to look for new ways to attract and retain good employees.
Many employees are looking for companies that are willing to invest in their future, both professionally and personally. Sometimes that can cost a company a lot of money, but it does not have to be that way.
With the rising cost of college many companies are now helping their employees save for their child or grandchild’s future college education. That does not mean they are footing the bill, although some do—more on that later. Helping someone save for college could be as simple as making the necessary resources available.
Did you know two of Michigan’s 529 college savings programs, Michigan Education Trust’s (MET) and Michigan Education Savings Program’s (MESP) staff are available to conduct free presentations for companies and organizations? MET and MESP staff can educate your employees on ways to save for college, tax advantages of 529 plans and help answer other college savings questions. Presentations can be conducted during staff meetings, as a lunch and learn, as a webinar, at an employee benefit fair etc.
In addition to free presentations, both programs offer payroll deduction. If you are interested in offering this benefit to your employees it is free and easy to set up. Staff will walk you through the process to allow after-tax contributions to your employees’ 529 plan.
The above methods are all easy and free ways to offer additional benefits to employees. However, some companies take it a step further and offer a matching contribution. There was even legislation introduced in Congress which would allow employers to receive a tax credit for small employer costs of establishing direct payroll deduction into qualified tuition programs like MET.
According to a recent Edward Jones survey, about 86 percent of employees surveyed would participate in a 529 college savings program that was offered as an employee benefit.
If you would like information to distribute to employees or to schedule a presentation call (517) 241-9127 or submit a Presentation Request Form.