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ScholarShare 529 College Savings Plan

New benefit available! Introducing the ScholarShare 529 College Savings Plan

The City of Carlsbad is proud to announce its new partnership with ScholarShare 529, a nationally-recognized college savings plan managed by TIAA-CREF Tuition Financing, Inc. ScholarShare 529 is an industry leader with a 20-year track record of helping families like yours accumulate assets to cover future college costs.

Who benefits from this program?

  • Any full-time or part-time City of Carlsbad employee who has a child not yet enrolled in college

What are the program benefits?

  • 100% tax-free growth. These tax advantages can add up and give your beneficiary an even bigger head start!

  • Tax-free withdrawals for qualified higher education expenses, like tuition, food, books, computers, and more

  • The money accumulated can be used at most colleges nationwide and many abroad—undergraduate and graduate programs, community colleges and trade schools,

  • The plan offers a variety of professionally managed investment portfolios to fit your risk tolerance, investment expertise, and college savings goals

  • An account can be set-up online in about 15 minutes

  • Start with any dollar amount

When opening a new ScholarShare 529 account online, employees may elect to have regular deposits made from their paycheck or via your personal checking/savings account.

Please note: If you elect payroll contributions, ScholarShare 529 will provide payroll instructions at the end of the enrollment process. The instructions will include your ScholarShare routing and account number to add a new bank direct deposit (coded as checking deposit) at your self-managed payroll portal.

How do I learn more?

  • Join the ScholarShare 529 Consultant for in-person presentations

  • Oct. 26, 2023 at 10 a.m., 12 p.m. and 4 p.m. Faraday Administration Center, Room 173

Or

Have questions or need assistance? Schedule a free consultation today – To learn more about ScholarShare 529 visit us at www.scholarshare529.com

To learn more about California’s ScholarShare 529 College Savings Plan, its investment objectives, tax benefits, risks, and costs, please see the Plan Description at ScholarShare529.com. Read it carefully. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings. TIAA-CREF Tuition Financing, Inc. (TFI), Plan Manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for California's ScholarShare 529.

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