Americollect is now offering a 529 College Savings Plan to eligible employees and providing employer contributions through payroll deduction to those who participate.
A 529 plan is a qualified tax-advantage savings plan designed to encourage saving for future college expenses. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. Contributions and earnings from 529 college savings plans are to be used for education-related expenses.
College is an investment in a child’s future. According to a study by Sallie Mae, 92% of parents believe their children will attend college, but only 57% are putting money away for their kids’ college fund.
By starting to save early, parents can help ease the financial burden for their child. It also helps to avoid taking on debt that can restrict a student’s ability to start on the right financial foot as a young adult. Starting a college savings for a child early in life helps instill the importance of saving money to buy something as opposed to relying on debt.
Americollect is partnering with Edvest to help their employees save for future college expenses and will match dollar for dollar up to $500 per employee per calendar year. Employees are eligible to receive employer contributions following 90 days of employment with the company.
“The addition of the 529 Savings Plan is another step in building our secondary education benefit bundle of Tuition Reimbursement and the Americollect Family Scholarship Fund,” said Kenlyn T. Gretz, Americollect President and CEO. “Our benefits offering reflects all the things we value as a company. And we value family. It is our culture.”
Americollect partners with healthcare systems nationwide. We operate two divisions: one serving as a hospital’s customer service team and the other as a healthcare collection agency. Our team provides a better patient experience by being Ridiculously Nice.