New York's College Saving Plan
All employees are eligible to participate in New York's College Savings Plan, a program designed to help families save for future college expenses, while receiving significant tax benefits. The Program allows participants to save money for their selected beneficiary's (child, grandchild, friend, self, etc.) qualifying higher education expenses (tuition, books, supplies, etc.) at any eligible post-secondary school in the United States and abroad. Employees may contribute to the program through payroll deduction. Program highlights include:
- Contributions can be made via payroll deduction in amounts as little as $15 per paycheck
- New York State tax deduction on the first $5000 contributed each year ($10,000 for married couples when each spouse opens an account);
- Federal income taxes on investment earnings are deferred until the time of withdrawal;
- Qualified withdrawals are not subject to New York State taxes.
Enrollment information is available directly from the NYS College Savings Plan at 1-877-NYSAVES or by visiting the NYS 529 College Savings Program web site.