EMPLOYEE BENEFIT MAKES PAYING FOR COLLEGE EASIER
Virginia's tax-advantaged "529" college savings plans can be used at colleges everywhere.
Roanoke County Public Schools has introduced a new employee benefit that can help parents, grandparents, or anyone save for a student's future education.
School employees can now enroll in the Commonwealth of Virginia 's two Section 529 college savings options: the Virginia Prepaid Education ProgramSM, (during open enrollment ) and the Virginia Education Savings TrustSM. Enrollment in VEST is open all year. Both choices are administered by the Virginia College Savings Plan, the independent state agency created in the mid-1990s to help families save for college.
The Virginia Prepaid Education Program (VPEP) locks in future college costs for today's students in the ninth grade or younger. The Virginia Education Savings Trust (VEST) offers a selection of 12 no-load investment options, which now include four Vanguard mutual funds.
VPEP and VEST can be used at colleges everywhere and offer significant tax advantages. Section 529 allows tax-free withdrawals for college expenses. Participants in VPEP and VEST can deduct their entire investment over time on their Virginia taxable income. No other Section 529 plan in the country can offer Virginia state tax benefits.
The school system has agreed to sponsor the Virginia College Savings Plan to provide our employees with reduced application fees for VPEP and VEST. Normally the fee is $85 per account. Since Roanoke County Public Schools is sponsoring the plans, the application fee has been reduced to $25, thus saving our employees $60 per account. To obtain these benefits, employees must enroll in VPEP or VEST using automatic debits from a checking or savings account. Forms are available at the Personnel, Payroll and Budget & Finance Offices.
For more information about VPEP and VEST, call toll free at 1-888-567-0540 or visit the Virginia College Savings Plan Web site at www.Virginia529.com
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