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This plan allows TargetCW employees to setup an account for themselves or anyone, in order to save for higher education expenses through a tax-advantaged account which invests in mutual funds. TargetCW's plan is called CollegeAmerica, with 20 investment options through American Funds (www.americanfunds.com).
- Enroll anytime after 60 days of employment with TargetCW.
- Deductions begin the first of the quarter after the application is received.
- No minimum hours per week required.
529 Plan Highlights:
- Save for college or further education and use your investment to pay for tuition, room and board, books, supplies, and many other fees and expenses.
- Participant's contributions are made after-tax dollars, but there is no federal tax on the investment earnings withdrawn and used for higher education expenses.
- Plan allows for contributions from anyone to be invested into the participants account.
- No income limits are placed on the participant. Lifetime maximum contribution is $350,000 and there is no annual contribution limit.
- No enrollment fees, but some funds may charge a small administrative fee.
- Plans may be transferred to another 529 plan by the participant.
- You can find an enrollment application here
- Summary information for the 529 plan here
- Find 2012 performance overviews of fund here
Mail applications to:
Seaside Financial and Insurance Services
P.O. Box 58
Oceanside, CA 92049