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Employee Benefits
Here at INDUSTRIAL, we know that saving for higher
education can be daunting task. Today's average cost for a
four-year education at a state college is about $50,000 and
exceeds $100,00 for a private university. These costs are
expected to more than double over the next 20 years. The
challenge to save for these costs can be overwhelming, requiring
a lot of careful planning and a high level of commitment.
As parents or grandparents, you want to be able to to
provide the benefit of higher education for your family. You
may even be saving to continue your own higher education.
To help you plan and provide for these needs, INDUSTRIAL
has teamed with
Alliance Capital to offer our employees a flexible,
tax-advantaged 529 college savings program to help you manage
the future.
The
CollegeBoundFund
offers the following:
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Tax-free
earnings growth: There is no federal income tax due on any
earnings while they are in the fund.
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Tax-free
distributions: Distributions for qualified education
expenses made after December 31, 2001 are free of federal
income tax. (1)
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Any
institution in the US: Your fund assets can be used at any
accredited institution of higher learning in the US, as well
as many foreign institutions.
-
No income
limits: There are no income limits restricting who is
eligible to participate.
-
Investment
choice: You may choose from five investment options managed
by Alliance Capital, one of the world's leading investment
managers.
-
High
contribution limit: You can contribute to your fund account
until the total account value equals $246,000 (contributions
and earnings).
For most families, the key to funding higher education is to
start saving early and to save regularly. With our Employee
Payroll Direct Deposit Program you can begin consistently saving
for your children's education. A small initial investment can
get you started and weekly contributions of at least $10 into
your account can make it even easier to maintain a regular
investment program. You may also make additional contributions
to your account at any time.
For more information, please visit the
CollegeBoundFund web site.
INDUSTRIAL employees who wish to enroll will need the Enrollment
Instruction Sheet found in the Employee Kit that was mailed to
you for your Company UserID and Password.
If you have your password, go to
CollegeBoundFund enrollment.
Need an Enrollment Instruction Sheet? Please contact
Linda at INDUSTRIAL
and an Enrollment Kit will be mailed to you.
NOTES:
1.
Under the "sunset provision", these changes are scheduled to
expire on December 31, 2010 in the absence of re-enactment. As
with all tax related decisions you should consult with your tax
advisor.
INVESTMENT PRODUCTS OFFERED Are Not FDIC Insured - May Lose
Value - Are Not Bank Guaranteed |
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