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What is the minimum amount an employee must contribute each pay period?
How do employees set up payroll deductions with the College Savings Plan of Nebraska?
How are funds transmitted to the College Savings Plan of Nebraska?
What type of on-site education can you provide my employees?
Can we work through an advisor to set up our employees?
What information is available to my employees?
How many employees do I need to have to set up payroll deduction?
Can employees enroll any time?
How long does it take to implement payroll deduction?
Is there any cost associated with the implementation?
What is the minimum amount an employee must contribute each pay period?
The College Savings Plan of Nebraska does not have a minimum contribution amount. A minimum amount may be set at the discretion of the employer.
How do employees set up payroll deductions with the College Savings Plan of Nebraska?
The College Savings Plan of Nebraska utilizes the ongoing contribution features through ACH or payroll deduction. With the ease of ACH, employees may have contributions deducted from their checking or savings account on the 5th, 20th, or both days each month. This option requires no additional reporting on the part of the employer.
To set up payroll deduction, the employee will complete the College Savings Plan of Nebraska Enrollment Form and Payroll Deduction Authorization Form for each child they wish to establish an account for.
Completed forms are then mailed to the College Savings Plan of Nebraska at PO Box 82644, Lincoln, NE 68501.
Once the accounts are established and account numbers assigned, the completed Payroll Deduction Authorization Form will be forwarded to the designated Payroll Coordinator at the company along with a cover letter explaining how contributions should be forwarded to the College Savings Plan of Nebraska.
How are funds transmitted to the College Savings Plan of Nebraska?
Contributions are taken from after-tax dollars. The contributions may be mailed to the College Savings Plan of Nebraska or funds may be sent ACH to Union Bank and Trust Company.
A spreadsheet (created in Excel, Lotus, ACSII, or Text) must accompany the check or be emailed to the College Savings Plan of Nebraska. The spreadsheet should indicate the name of the contributor, the account number, and the amount withheld.
What type of on-site education can you provide my employees?
The College Savings Plan of Nebraska is available to conduct employee meetings to launch the program. Our strong recommendation is that meetings be mandatory. The meetings take 45 minutes, which allows time for Q&A and could be combined with another meeting if that made the most sense for the company. Ongoing support would be provided to the HR area along with materials for the new employee orientation packets. Employees could receive answers to their questions by calling our customer service center.
Can we work through an advisor to set up our employees?
The College Savings Plan of Nebraska is also available through financial professionals. If you currently work with a financial professional with your retirement programs or other investments, it is possible to make the Plan available to your employees through your investment professional. The "Advisor Accounts" version of the Plan has three fee structures for the participant to select from which compensates the investment professional for their guidance and expertise. This would be an alternative method to communicate and educate your participants about the Plan and the need to save.
What information is available to my employees?
On an ongoing basis quarterly newsletters are provided to participants to keep them informed of plan and other related items of interest.
On-line enrollment is available, and participants may view their account activity on-line. Our Call Center is staffed Monday through Friday, 7:30 a.m. to 5:30 p.m. CST. We can be reached toll-free at 1-888-993-3746.
We are happy to provide you with a link to the www.PlanForCollegeNow.com website for you to utilize on your intranet for use by your employees.
How many employees do I need to have to set up payroll deduction?
Any size employer may set up payroll deduction through the College Savings Plan of Nebraska.
Can employees enroll any time?
Yes. There is no enrollment period or deadline.
How long does it take to implement payroll deduction?
The College Savings Plan of Nebraska may begin accepting payroll deduction authorizations immediately. Minimal lead-time is needed to customize materials.
Is there any cost associated with the implementation?
The Plan has no charges to the employer for implementing the Plan.
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