529 College Savings Plans are the “New Normal” at Innovetive Petcare
Paying off student loans, putting aside funds for your children’s college, and/or increasing savings for later in life learning have probably not been top priorities for most people during a pandemic. Now more than ever, individuals are evaluating their financial options from downsizing and refinancing to deferments.
Fortunately, our veterinary company, Innovetive Petcare, is the first in our industry to create a partnership with GiftofCollege.com, an online college savings registry that allows our employees to contribute to a tax-advantaged 529 college savings account or existing student loan through automatic payroll deductions. Employees can utilize their 529 plan investments to grow their savings tax-deferred (in other words, unlike other forms of saving and investing, they won’t pay tax on earnings as their account grows in value) and the growth will never be taxed as long as withdrawals are used for a wide range of qualified higher education expenses.
By registering for a free profile with GiftofCollege.com, our 600+ veterinary employees are now able to contribute to their student loan right from their paycheck, connect to an existing 529 college savings account and have the ability to research a variety of 529 college savings plans by state, all while bridging these accounts with an automatic payroll deduction.
Outside the workplace, GiftofCollege.com has also made the process for anyone to contribute to a 529 college savings account as easy as possible through their GiftofCollege.com gift cards which are available in local retail stores nationwide, including H-E-B, via the GiftofCollege.com website and via Walmart.com. After friends and family learn about the benefits of giving a smart and future-oriented gift that’s easy to give and sure to fit, don’t be surprised if holiday and birthday toys are replaced with the gift toward college. What better gift than the ability to alleviate the student debt of future generations by saving for college as early as possible?
Innovetive Petcare chose to enhance our employee benefits including the ability to attract and retain our talent by gifting every employee who becomes a parent, an initial contribution of a GiftofCollege.com gift card to create a 529 account for their new child. For those who are not new parents, there is still a huge benefit to setting up automatic payroll deductions where funds can be sent directly to an existing student loan or 529 college savings account. GiftofCollege.com also has a social sharing feature where our employees’ friends and family can contribute to their 529 plan or student loan account with a click of a button. Think of this as a “Go Fund Me” for their children’s college savings or their own student loans.
Innovetive Petcare’s goal in partnership is to address the financial stressors often seen in the veterinary industry. By driving more awareness of the benefits of 529 college savings plans we can enrich all aspects of employees’ lives, not just professionally. Together, with GiftofCollege.com, Innovetive Petcare is paving the way for a “new normal” of financial security in the veterinary industry and in companies across America. In celebration of #529day, we invite you to join us in our movement to raise awareness about 529 plans, one employee at a time. Familiarize yourself with the features of a 529 college savings plan today.
About Innovetive Petcare: Innovetive Petcare, based in Austin, TX, provides best-in-class service to its growing network of 26 veterinary hospitals across the country. Believing that excellent pet care comes from exceptional teams, Innovetive Petcare’s clinics benefit from tools, resources, and a supportive team dedicated to helping veterinary practices prosper, grow, and provide quality animal healthcare. Learn more at innovetivepetcare.com.
Vice President of Marketing, Innovetive Petcare