The human arsenal, over the years, has seen some really valuable elements, but at the same time, it still hasn’t seen anything more significant than that desire of ours to improve at a consistent pace. We say this because the stated desire has already fetched us some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is focused on its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the goods. The same has grown to become a lot more evident in recent times, and assuming one new HRM-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
Betterment at Work, a leading provider of modern financial benefits for today’s diverse workforce, has officially launched a brand-new 529 Education Savings solution, which is designed to help users access an integrated view of their education savings, alongside their other investments. According to certain reports, the stated solution will make it possible for employers to offer different 529 plans, support payroll direct deposits, provide a matching contribution, and do so much more. But what are some of those granular-level benefits that will likely hit the deck here? Well, we begin from how; considering funds in a 529 grow tax-free, users can generate a sizeable amount of tax savings, while simultaneously enjoying tax-free withdrawals on qualified distributions. Next up, there is a feature to adjust asset allocation so to make the investment options more complementary of beneficiary’s individual risk tolerance and age. Almost as an extension to the stated personalization, this solution will also hand you all the control over the amount you would like to save. Hold on, we aren’t done yet. Interestingly enough, these 529 funds can be used across a wide range of education-related segments, including college tuition and fees, books and supplies, some room and board, and in many states, for K–12 tuition up to $10,000/year. In case the whole package still fails to impress you, then we must mention that Betterment at Work is already planning to launch a functionality, which will let unused 529 funds be rolled into users’ retirement savings, and it will do so without imposing any taxes or penalties.
“Adding educational savings to our benefits solution further cements our commitment to help businesses support the financial needs of their employees,” said Sarah Levy, CEO of Betterment at Work. “Our customizable financial benefits can be personalized to fit each worker’s goals – including retirement savings, emergency savings, and student loan management – all in one place.”
Founded in 2008, Betterment at Work’s rise to prominence has largely arrived on the back of its ability to provide workers with modern-day monetary benefits. However, the company’s impact is not limited to an employee’s career, as it continues to assist them in meeting their financial goals even once they have retired. Talk about how it does so, the answer will touch on its assortment of customizable portfolios, debt management tools, and other cutting-edge vehicles. For employers, on the other hand, extending such capabilities should unsurprisingly bring better retention rates.
“Betterment at Work is adding 529s because we are committed to providing innovative solutions that address the needs of a continuously evolving workforce,” said Kristen Carlisle, Vice President and General Manager of Betterment at Work. “Employees are often faced with the difficult choice between saving for college or planning for retirement, but they should not have to sacrifice investing for one goal at the expense of another.”
