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529 Plan

Fitness Discounts

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  • Participant's contributions are made after-tax dollars, but there is no federal tax on the investment earnings withdrawn and used for higher education expenses.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.

Resources:

  • 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