杏吧视频 employees now can use direct deposit to make contributions to a new or existing CollegeAdvantage 529 savings plan. To do so, visit to create an account or log into an existing account and follow the instructions to set up a payroll deduction.
Using the account and routing numbers, employees then can go to 鈥淪elf Service鈥 in HCM and add CollegeAdvantage as one of their five possible accounts for distribution via direct deposit. For help setting up direct deposit refer to the or contact the Help Desk at 216.368.HELP.
Employees will have only one direct deposit account for CollegeAdvantage even if they have savings plans for multiple beneficiaries. Distribution into individual accounts will occur once their payroll deduction reaches CollegeAdvantage.
Things to remember about CollegeAdvantage 529 contributions:
- Your deduction in HCM is per pay period. Those paid twice per month should enter their deduction amount accordingly.
- Contributions to a CollegeAdvantage 529 plan are in 鈥渁fter tax鈥 dollars, but you鈥檒l pay no taxes as your funds grow, and withdrawals used for qualified college expenses are exempt from both federal and Ohio income tax.
- The CollegeAdvantage 529 plan allows Ohio taxpayers to deduct contributions from Ohio taxable income up to $2000 per beneficiary annually.
- Employees can only utilize direct deposit to make contributions to a CollegeAdvantage account for their dependents or themselves. Visit to learn about making a gift to someone else鈥檚 529 plan.
