Spring into college savings with payroll deduction

April 29, 2016

University Relations

Open Enrollment at UA is a great time to initiate or increase your college savings approach. University employees have the added ease and benefit of utilizing payroll deduction to save automatically into a UA College Savings Plan account. The UA College Savings Plan is a top-ranked 529 plan, offering investments that grow tax-deferred and earnings that are tax-free if used for qualified education expenses.

“Payroll deduction is convenient way for university employees to fund their college savings accounts,” said Lael Oldmixon, director of the UA College Savings Plan. “The employee tuition waiver is a wonderful employee benefit, but tuition represents only about half the cost of an education. Families need to plan for other costs such as room, board and fees.”

To participate in payroll deduction, employees should first set up an account in the UA College Savings Plan. Register online at www.uacollegesavings.com or by calling 1-800-478-0003. Then, fill out the salary reduction form (form) and return it to the UA College Savings Plan office. Oldmixon also encourages participants “to review their investments and increase their systematic contributions whenever possible.”

Visit www.uacollegesavings.com for more information about saving for college including a college cost calculator.

If you would prefer to talk to someone in person, the plan has an office in Fairbanks in Suite 207 of the Butrovich Building and in Anchorage in Suite 209 of the Bragaw Office Building.

Follow the UA College Savings Plan on Facebook for updates, upcoming events and college savings tips.