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Human Resources » Benefits Information
Center » College
Savings Account
General
Information
Employees have a convenient way
to save for their child's education using a 529 College Savings
Plan. Contributions to a College Savings Plan grow free from
federal and state income tax. In addition, withdrawals used
for qualified expenses will also be free from federal and
state income taxes. In some cases, individuals may be eligible
for a matching grant from the state of Minnesota . Employees
should see Human
Resources for more information.
FAQs
Q: I have two
children. Is there any way I can save for their college education?
A: NWHSU offers
College Savings Plans with both TIAA-CREF and VALIC. These
plans allow employees to set aside money through payroll
deductions and
take advantage of tax savings on this money.
Q: What happens
if my children decide not to go to college?
A: The money
in your College Savings Plan can be transferred to another
relative or another account.
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