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Sp r i n g 2021 • forwardHR | 19 RECRUITMENT / STAFFING A cost-free employee benefit Saving for higher education amidst uncertainty By Linda Lambert, Financial Capability Director for the College Savings Program at the Wisconsin Department of Financial Institutions A s we move into spring, the effects of continued economic uncertainty cannot be overstated. Many Wisconsin businesses and families are facing unprecedented challenges. Times like these present the oppor- tunity to review your employee financial wellness programs to help encourage savings and financial planning. It's important to remember that the earlier your employees begin saving for college, the better. I remember opening Edvest college savings accounts for my two children right aer each was born. Edvest is Wisconsin's direct-sold 529 college savings plan. Our savings were initially quite modest, yet made a big difference by the time both kids went to college. So, if these uncertain economic times force employees to save modestly, it's OK. Believe me, the decision will pay off for them like it did for my family. Even if they cannot cover the full cost, every dollar saved makes a difference. Not only does having some savings increase the likelihood that a child will attend postsecondary schooling, it also helps lower any student debt they may have to pay back. Flexible savings options It's a fair question to ask: "Are 529 plans still a good investment, even when the economy is struggling?" Short answer, yes. Longer answer, 529 plans are incredibly flexible and smart savings options because they factor in a family's financial standing, risk tolerance and children's ages when developing a customized investment plan. ese professionally managed plans provide a variety of investment options designed for various stages along the college or technical college and postsecondary education timeline. My family even used the accounts as a powerful educational tool for our kids, helping to teach them financial literacy and wellness as they grew up. In fact, both of my children played an active role in their college savings by investing money from their birthdays, graduations, jobs, etc. Because of this, they were able to graduate college with very little student debt. Always know that as economic situations and financial realities change, 529 plans are flexible enough to provide safe and effective savings options for all families. Employers can help Many Wisconsin employers now offer Edvest at Work as an employee benefit and financial wellness education. Employees may make monthly Edvest contributions through automatic payroll deduction, making it even easier to save consistently. ere are no setup costs, it doesn't increase your workload, and Edvest provides all customer support and employee education. Best of all, your organization helps employees save thousands of dollars with tax- free growth for college savings. And you can even match a portion of your employees' contributions and be eligible for a state tax credit. Please consult a tax adviser for the applicable maximum tax credit per employee per tax year. It might be a difficult economic time for families, but we're here to help your organization enhance its employee financial wellness. For more information visit: Edvest.com. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Wisconsin College Savings Plan. ■ Linda Lambert is the financial capability director for the College Savings Program at the Wisconsin Department of Financial Institutions (DFI). Contact her at Linda.lambert@ dfi.wisconsin.gov.

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