Americollect, a collection agency based in Manitowoc, Wisc., has announced the creation of a college savings program for its employees.
The college savings plan, known as a 529 College Savings Plan, will be available to all company employees following 90 days of employment with the agency.
A 529 College Savings Plan is intended to encourage individuals to save for future college expenses. These plans, legally known as “qualified tuition plans,” are sponsored by states or educational institutions and are authorized by Section 529 of the Internal Revenue Code, hence the name. Contributions and earnings from 529 College Savings Plans are to be used for education-related expenses.
The company announced it will match employees’ contributions into their plans, up to $500 per calendar year. The company is partnering with Edvest to offer the program to its employees.
