LearningQuest 529 Educational Savings Plan
What is a 529 Plan?
A 529 education savings plan is a tax-advantaged investment vehicle designed to support qualified education expenses. Congress created 529 Education Savings Plans in 1996 under Section 529 of the Internal Revenue Code, and all 529 Plans are affiliated with a State sponsor.
With just a few minutes to establish the account and a quick enrollment form, benefits-eligible employees can contribute to a 529 Plan via pretax payroll deductions.
How do I start a 529 Plan?
To establish your account, contact LearningQuest at 1-800-579-2203, or open an account online at www.LearningQuest.com.
Change or stop contributions at any time - complete the Payroll Deduction Change Form and return to Payroll. Note: You must have an active account with LearningQuest 529 before contributions can be made via payroll deduction.
What are the benefits of a 529 Plan?
- Simplicity of contributing via payroll deductions
- Significant tax benefits on contributions and account earnings
- Savings can be used for both K-12 education and 2- and 4-year post secondary education
- Kansas State income tax deduction up to $3,000 per year, per child ($6,000 if married and filing jointly)
What are the requirements for a 529 Plan?
- Contribution is a minimum of $25 per pay period
- Contribute up to the IRS limit for each qualified beneficiary
- No employer match
For more information, visit the LearningQuest 529 website
Who to Contact
HR Total Rewards Team
Revised: 10/2/2020 CT