Georgia Section 529 Higher Education Savings Plan
Under this program, any employee who receives a UGA paycheck may open a college savings account, including student employees, temporary employees, and benefit-eligible employees.
To open a Georgia Higher Education Savings Plan college savings account, you may call Employee Benefits to obtain an enrollment packet or contact TFI directly (read below) to enroll. If you wish to use payroll deduction, you must contact Employee Benefits.
Regardless of whether you enroll through TFI or Employee Benefits, you must complete all required paperwork.
Contact TFI directly at 1-877-424-4377 or obtain enrollment materials by visiting the Georgia Higher Education Savings Plan Web site. You must forward the original application to TFI in order for your account to be activated. If you are interested in payroll deduction, please see the information below.
If you wish to use payroll deduction
You may open a Georgia Higher Education Savings Plan college savings account with as little as $25 per month made through payroll deduction, with help from Employee Benefits. Please call 706-542-2222 for a packet of information and forms. For payroll deduction, you must also complete:
The UGA 529 Higher Education Savings Plan UGA payroll deduction form (send to UGA Employee Benefits)
The Georgia Higher Education Savings Plan payroll deduction form (Mail this form using the instructions at the bottom of page 2.)
If you do not wish to use payroll deduction
You may contact Employee Benefits or you may open an account directly with TIAA-CREF Tuition Financing, Inc. (TFI). TFI has contracted with the Georgia plan to provide investment and management services. TFI offers five different investment options. Also, you are not restricted to the Georgia plan and may investigate the possibility of an educational savings plan sponsored by another state by contacting that state directly. (However, the payroll deduction option is available only for contributions made to the Georgia Higher Education Savings Plan.) You may contact TFI by calling toll free 1-877-424-4377 or visiting their Web site.
You may make contributions for each beneficiary until each account reaches a balance of $235,000. When the time arrives for your beneficiary to attend college, qualified expenses (withdrawals), including tuition, fees, required books, supplies, room and board, and other related expenses will be exempt from both federal and Georgia income tax. Although your initial payroll contributions are not made on a pre-tax basis, parents and guardians, who file itemized returns and fall under certain income levels, may take a state income tax deduction for contributions up to $2,000 per year. Contact your financial adviser to determine if you are eligible to take this deduction.
You are solely responsible for all investment decisions regarding your participation in the Georgia Higher Education Savings Plan.
If you have any questions about your benefits options, please contact Employee Benefits at 706-542-2222 or e-mail firstname.lastname@example.org.