EdVest is a college savings plan that is a state-sponsored, tax-advantaged 529 college savings plan that's helping families and individuals plan for the cost of higher education. It is availalbe to any citizen or taxpayer. EdVest offers 22 investment options from which to choose. Contributions to your EdVest account are placed in a trust, which can include a variety of options. There are market-based investment options, each with different allocations of stock, bond, and cash management funds. You can select a portfolio based on your personal risk tolerance or the length of time until your child starts college.
When you contribute to the EdVest College Savings Plan, any account earnings can grow federal and Wisconsin income tax free. Plus, withdrawals used to pay for qualified higher education expenses will be free from federal and Wisconsin income tax. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.
All UWHC employees are eligible to participate in this educatoinal benefit through a payroll deduction.
You can contribute to EdVest via payroll deduction, check, an automatic contribution plan (ACP) or electronic transfer. Anyone of legal age can open an account. There is a minimum contribution of $25 to open the account and you can contribute as little as $15 per pay period. You can change, start or stop your contribution at any time. There are no residency or income restrictions. Both account owners and beneficiaries must have social security numbers.
You also enroll online and submit your initial contribution electronically from your bank account or establish an Automatic Contribution Plan. You can also download enrollment materials, or you can request an enrollment kit to have enrollment materials mailed to your address. Allow five to seven days for delivery. If you wish to speak with an education planning specialist, call (888) EdVest (888-338-3789).
If you wish to have deductions taken from your payroll, simply submit a UWHC Direct Deposit form to Payroll to begin deductions once you have your EdVest account set up. Payroll deductions will begin as soon as administratively possible after the application is received. In addition to listing EdVest, be sure to list all accounts for which you have direct deposit even if there is no change to that account (you can just list the name of the institution for existing accounts; you do not need to provide routing or account numbers again). Instructions to complete the Direct Deposit form to add EdVest:
- Bank Routing Number is 011000028 (State Street Bank)
- Bank Account Number is 17-digit field. The first 8 digits are 99058687. The next 9 digits is your social security number
- Type of Account is checking
- Deposit Type/Amount is the amount you want deducted from each pay check to be sent to the State Street Bank.