Helping employees save for education is very good for business. Here’s why:

Talented employees are likely your greatest asset. And for many of them, their No. 1 financial worry is saving for their kids’ education.1 Offering the HI529 Plan as a voluntary benefit helps you check both boxes – and do it with no added costs, contracts, or hassels for your HR team.

How employees benefit

  • They contribute automaticallty to their kids’ education every pay period with after-tax dollars.
  • 529 savings helps cover tuition, meals, housing, fees, and more at eligible college, universities, graduate schools, trade schools, and more worldwide, not just in Hawaii.2
  • 529 accounts can grow free of state and fedral taxes, and withdrawals for qualified expenses are tax-free, too.3

How employers benefit

  • As an employer, you’re offering one of the most popular employee benefits with little to no effort.
  • Employees register for the benefit online, using the same ACH direct deposit system you use now.
  • You differentiate your benefits package from competitors.
  • You help retain key employees, reducing the high cost of recruiting and onboarding replacements.

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For more details, check out our HI529 employer brochure now.

Cost to replace lost employees

$1,500

For hourly employees

up to

2

X

annual Salary

For salaried employees

75%

of former employees say better benefits would have kept them from leaving.

Source: Work Institute 2019 retention report

Want to learn more? Please fill out the form below and we’ll be in touch.

  • 1 Gift of College, 2020 “Paying for College” Survey
  • 2 An eligible institution includes those that can participate in federal financial aid programs.
  • 3 Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements. K-12 withdrawals are non-qualified for HI residents.