ScholarShare 529 Partners with California Employers for Win-Win Outcomes
published January 5, 2025
SACRAMENTO, Calif. – ScholarShare 529, California’s official college savings plan, is making waves in the workplace through its successful partnerships with California employers. The Workplace Savings Program offers a hassle-free way for employers to support families in saving for education.
In 2024, ScholarShare 529 welcomed 55 new workplace savings partners, including cities, counties, special districts, colleges and universities, and credit unions. Together, these new partnerships serve over 67,000 employees, expanding access to college savings tools and resources throughout California.
"Many families worry about how to pay for college," said Cassandra DiBenedetto, Executive Director of ScholarShare 529. "Partnering with employers allows us to meet families where they are—at work—while allowing employers an opportunity to enhance their benefits packages. It can be a win-win."
Through these partnerships, employers provide their teams with access to financial literacy resources and tools, helping employees navigate the often-overwhelming process of saving for college. With ScholarShare 529, employers benefit from:
- Integrates easily into your benefit plan
- Maintains no contract or reporting requirements
- Costs employer nothing to participate
- Differentiate your employee benefits package
Ranked among the nation’s best college savings plans, ScholarShare 529 features low fees, tax-deferred earnings, and tax-free withdrawals for qualified higher education expenses. The plan’s diverse investment options help meet the unique needs of California families.
"We’re proud of the progress made in engaging California employers," said DiBenedetto. "Their support empowers families to take on the challenge of saving for college with confidence."
About ScholarShare 529
ScholarShare 529 is California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies.
To learn more about ScholarShare 529’s Workplace Savings Program, visit ScholarShare529.com/employer. Join a webinar or schedule a presentation to explore the program’s benefits.
To learn more about California's ScholarShare 529, its investment objectives, risks, charges and expenses see the Plan Description at ScholarShare529.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, is the distributor and underwriter for ScholarShare 529. Prior to investing, check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
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