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Employee Savings Plans

College Savings Plan

The DC College Savings Plan is a Section 529 plan created to help families prepare for the substantial cost of higher education. The plan offers special tax advantages that enable participants to maximize their savings potential.
 
Please Note: Effective March 27, 2017, the 529 College Savings Plan will transition to a new plan administrator, Ascensus College Savings.
  • Employees currently participating do not need to make any changes their accounts. All changes will be automatic.
  • After the transition, all participants regardless of residency may contact a plan representative between 8:00 a.m. and 8:00 p.m. EST, Monday through Friday at 800.987.4859.
  • There will be a blackout period where no 529 deductions will be made. Please see below for blackout-period datesand when deductions will resume:
Biweekly Payroll Semi-Monthly Payroll
3/5/2017-3/18/2017: No Deductions.
3/19/2017-4/1/2017: Deductions resume.
3/16/2017-3/31/2017: Deductions resume.
For more information, please visit www.dccollegesavings.com.
 
The DC College Savings Plan is:
  • Convenient. Contribute by check, automatic deposit, or payroll deduction.
  • Affordable. Open an account with as little as $25 per month (through automatic deposit).
  • Tax-advantaged. You won't pay federal income tax on the money you save in the Plan or on withdrawals for qualified expenses like tuition or room and board. And DC residents get special tax benefits; they can deduct up to $4,000 per year in Plan contributions.
  • Socially responsible. The DC College Savings Plan is the only 529 plan in the country to offer a full range of sustainable and responsible investments (SRI), so you can invest in companies that are committed to corporate social responsibility.
 

Savings Bond Program

Any full or part-time salaried employee may purchase US Savings Bonds through payroll deduction. See Treasury Direct for more information.