Employer Program Overview | Frequently Asked Questions by Employers and Employees

Frequently Asked Questions by Employers

• What is the minimum contribution amount for payroll deduction?


• Does the Program charge employers to set up and maintain payroll deduction?


• How are payroll deduction contributions remitted to the Program?


• How do I receive payroll deduction instructions from my employees?


• What is the new mailing address for payroll deduction payments by check?


• Whom do I contact if I have general questions regarding payroll deduction?

• What is the minimum contribution amount for payroll deduction?


• How do I establish payroll deduction contributions to the Program?


• Are payroll deductions taken from my paycheck pre-tax?


• What happens if I change employers?


• Whom do I contact if I have general questions regarding payroll deduction?

The minimum an employee can contribute to New York's 529 College Savings Program Direct Plan through payroll deduction is $15 per pay period, per account.

Does the Program charge employers to set up and maintain payroll deduction?

No. New York's 529 College Savings Program Direct Plan charges no fees for payroll deduction.

How are payroll deduction contributions remitted to the Program?

New York's 529 College Savings Program Direct Plan supports two methods of payroll deduction: ACH and Check. The ACH option is similar to facilitating the electronic direct deposit of a paycheck into an employee's bank account on a regular basis - i.e., contributions are directed to the employee's Program account through the ACH network. With the check option, you send payroll deduction contributions by lump sum check directly to the Program for each pay period, along with a corresponding list containing contribution instructions for each participating employee.

The Program also allows account owners to establish an Automatic Investment Plan (AIP) through which contributions are debited from the employee's bank account on a regular basis.

How do I receive payroll deduction instructions from my employees?

Employees can establish payroll deduction instructions with the Program either online or by submitting a paper Payroll Deduction Instruction Form. The Program will provide employees with a confirmation of their instructions, and will instruct employees to submit the confirmation to their payroll office. Employer payroll offices will then update their payroll systems with the employee's payroll deduction instructions, as detailed on the confirmation. The confirmation will contain instructions for payroll deduction remittance by ACH and by check.

What is the new mailing address for payroll deduction payments by check?

You may contact the Program at 1-877-NYSAVES (1-877-697-2837).

If you are an employer that was participating in the Program via payroll deduction prior to the transition from TIAA to Upromise and Vanguard, read the Frequently Asked Questions about the Transition.

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The minimum an employee can contribute to New York's 529 College Savings Program Direct Plan through payroll deduction is $15 per pay period, per account.

How do I establish payroll deduction contributions to the Program?

After confirming with your employer that they will participate in the payroll deduction service of New York's 529 College Savings Program Direct Plan (through contributions by ACH or Check), you may establish payroll deduction instructions with the Program either during or after enrollment. You may establish payroll deduction instructions either online or in paper form.

If you establish payroll instructions online, you will be instructed to print a confirmation of your instructions, and submit the confirmation statement to your employer's payroll office. If you submit payroll deduction instructions to the Program via paper form, the Program will mail a confirmation of your instructions to your address of record. You should submit this confirmation to your employer's payroll office to have your employer begin deductions.

Are payroll deductions taken from my paycheck pre-tax?

All contributions made through payroll deduction are made on an after-tax basis.

What happens if I change employers?

New York's 529 College Savings Program Direct Plan is a portable Program. If your new employer participates in the Program's payroll deduction service, you may establish new payroll deduction contributions to your Program account(s). Or you may elect to establish an Automatic Investment Plan directly from your bank account in order to avoid any interruption to your regular investing. Call 1-877-NYSAVES for more information.

Whom do I contact if I have general questions regarding payroll deduction?

You may contact the Program at 1-877-NYSAVES (1-877-697-2837).

If you are an employee that was participating in the Program via payroll deduction prior to the transition from TIAA to Upromise and Vanguard, read the Frequently Asked Questions about the Transition.

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