New York's 529 College Savings Program was implemented in 1998 to provide New York families with a tax-advantaged way to save for college. 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.
New York City Department of Education employees can save for college through easy payroll deductions. You may contribute as little as $15 per pay period for each investment option, or as much as you want. You may add, change, or stop your payroll deductions at any time.
How to Participate in the 529 College Savings Program
To set up payroll deductions for the 529 College Savings Program Direct Plan, follow the steps below in the order presented:
- Establish a New York State 529 College Savings Program account. You can open an account online on the program's Web site or by calling (877) 697-2837.
- Complete and submit the College Savings form found on the DOE's Payroll Portal. This form is located in the Employee Self Service section.
Note: A paper-based version of the online College Savings form is also available. Should you prefer this version, please submit the completed form via mail or fax to:
NYC Department of Education
Payroll Benefits Program
65 Court Street, Room 1003
Brooklyn, NY 11201
Fax: (718) 935-3702
Important: You will be required to provide your New York State 529 College Savings Program account number on either version of the form before it can be processed.
Once the College Savings form is submitted, it generally takes one to two pay cycles before you begin to see the deduction reflected in your paycheck.
For more information about this program, please visit New York's 529 College Savings Program Web site or call (877) 697-2837.