New York's College Savings Program was implemented in 1998 to provide New York families with a tax -advantaged way to save for college. The Program has grown to over 150,000 accounts and $700 million in assets, due largely to its flexibility and broad appeal.
In January 2001, the Municipal Labor Committee and the City reached an agreement regarding Health and other related benefits. One of these benefits is New York's College Savings Program. Employees can now save for college through easy payroll deductions. You may contribute as little as $15 for each investment option for an account per pay period or as much as you want. You may add, change, or stop your payroll deductions at any time.
Anyone - a parent, grandparent, relative, or friend - can set up an account for a future college student, and there are no restrictions based on age, income, or state of residence. You can even set up an account for yourself.
To set up payroll deductions for College Savings Program, you must have an existing New York State College Savings Program account. You can open an account with the New York State’s College Savings Program by linking to https://uii.nysaves.s.upromise.com/displayServlet?su=ny.3.3.
Once an account has been established you can authorize payroll deductions for this program by completing the Payroll Deduction Authorization Form for College Savings Program.
You may also process the deduction authorization yourself, through the WEB Employee Self Service. Through this application, you can enroll, update and cancel your own deduction authorization online.