Employers Can Boost Retention Through the Great Resignation

For Immediate Release
Contact: Joanie Griffin
505.261.4444
jgriffin@sunny505.com

Americans are leaving their jobs in record numbers as part of the “Great Resignation.” According to the Bureau of Labor Statistics, over 4.5 million employees quit their jobs in November 2021 alone. Job departures are leaving an increasing number of employers searching for ways to retain their employees and become more competitive with job seekers.A 529 college savings plan with The Education Plan® can give employers a competitive edge, while also providing employees peace of mind regarding rising tuition costs.

Americans are leaving their jobs in record numbers as part of the “Great Resignation.” According to the Bureau of Labor Statistics, over 4.5 million employees quit their jobs in November 2021 alone. Job departures are leaving an increasing number of employers searching for ways to retain their employees and become more competitive with job seekers. A 529 college savings plan with The Education Plan® can give employers a competitive edge, while also providing employees peace of mind regarding rising tuition costs.

“One contributing factor to employee resignation is that a lot of workers are quitting to go back to college and gain additional skills for future career growth,” said Carolyn Fittipaldi, Acting Executive Director, Education Trust Board of New Mexico, the state agency that administers The Education Plan®. “A 529 plan is a meaningful and useful benefit to thank your employees for their hard work and help your business stay competitive with its benefits package. By offering The Education Plan®, you can support the financial well-being of your employees and empower them to meet their future educational goals and those of their loved ones.”

The Education Plan® can be implemented at no cost to employers and requires no government reporting, making it a quick and easy employee benefit to include. Employers do not need to match contributions, although matching would make the benefit even more attractive.

529 savings plans are flexible, giving employees an option to save for the future—even if they might not have it mapped out yet. 529 plans can be used at any vocational or trade school, professional school, college or university nationwide to pay for education expenses including tuition, housing, meal plans, books, supplies, computers, and fees. Employees can use the money saved in a 529 plan to pay for their own education, a child’s education or any other loved one’s future education. 

“Many parents and grandparents see the steady rise in tuition and want to give their family and loved ones a head start with funding for college,” added Fittipaldi. “In today’s job market, employees are seeking competitive benefits, and offering your team members an opportunity to save for future expenses can be a huge boost that will contribute to their success and the company’s bottom line.”

To learn more about the Education Plan®, visit TheEducationPlan.com.

 

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For more information about The Education Plan, call 1.877.337.5268 or view the Plan Description and Participation Agreement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You also should consult a financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 plan(s), or any other 529 plan, to learn more about those plan’s features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The Education Plan is administered by The Education Trust Board of New Mexico. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-today operations, including investment advisory, recordkeeping and administrative services. The Education Plan’s portfolios invest in: (i) mutual funds; (ii) exchange traded funds; and/or (iii) a funding agreement issued by New York Life. Investments in The Education Plan are not insured by the FDIC. Units of the portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the portfolios you choose. You could lose all or a portion of your money by investing in The Education Plan depending on market conditions. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences.

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The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

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Not FDIC-Insured. No Bank, State or Federal Guarantee. May Lose Value.