529 College Fund
Here at MEDICAL, we know that saving for higher education can be a daunting task. Today’s average cost for a four-year education at a state college is about $50,000 and exceeds $100,000 for a private university. These costs are expected to more than double over the next 20 years. The challenge to save for these costs can be overwhelming, requiring a lot of careful planning and a high level of commitment.
As parents or grandparents, you want to be able to provide the benefit of higher education for your family. You may even be saving to continue your own higher education.
To help you plan and provide for these needs, MEDICAL Staffing Services, Inc. has teamed with Alliance Capital to offer our employees a flexible, tax-advantaged 529 college savings program to help you manage the future. The CollegeBoundfund offers the following:
- Tax-free earnings growth: There is no federal income tax due on any earnings while they are in the fund.
- Tax-free distributions: Distributions for qualified education expenses made after December 31, 2001 are free of federal income tax. (1)
- Any institution in the US: Your fund assets can be used at any accredited institution of higher learning in the US, as well as many foreign institutions.
- No income limits: There are no income limits restricting who is eligible to participate.
- Investment choice: You may choose from five investment options managed by Alliance Capital, one of the world’s leading investment managers.
- High contribution limit: You can contribute to your fund account until the total account value equals $246,000 (contributions and earnings).
For most families, the key to funding higher education is to start saving early and to save regularly. With the our Employee Payroll Direct Deposit Program you can begin consistently saving for your children’s education. A small initial investment can get you started and weekly contributions of at least $10 into your account can make it even easier to maintain a regular investment program. You may also make additional contributions to your account at any time.
For more information, please visit the CollegeBoundfund web site.
MEDICAL employees who wish to enroll will need the Enrollment Instruction Sheet found in the Employee Kit that was mailed to you for your Company UserID and Password.
If you have your password, go to CollegeBoundfundSM enrollment.
Need an Enrollment Instruction Sheet? Please contact Fran at MEDICAL and an Enrollment Kit will be mailed to you.