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.
Enrollment
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:
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 advisor 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 benefit options, please contact
Employee Benefits at
706-542-2222 or e-mail benefits@uga.edu.
