Asked by Devon Hupka on May 01, 2024
Verified
Erika is a marketing manager at a local equipment manufacturer. She knows that saving for college for her 5-year-old twin boys is a challenge. Her employer recently implemented a college tuition plan that lets parents and other family members defer taxes on their contributions to the plan. What is the type of plan being implemented?
A) 529 savings plan
B) 401(k) savings plan
C) 207 college tuition plan
D) U.S. saving bonds plan
E) TD Ameritrade college tuition plan
529 Savings Plan
A tax-advantaged savings plan designed to encourage saving for future education costs, operated by states and educational institutions.
College Tuition Plan
Financial arrangements or programs designed to help individuals save for or pay the costs of college education.
Taxes
Mandatory financial charges or levies imposed on individuals, businesses, or transactions by a government, used to fund public expenditures.
- Learn about the guidelines and requirements under different acts (e.g., Older Workers Benefit Protection Act, Social Security Act) related to employee benefits.
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Learning Objectives
- Learn about the guidelines and requirements under different acts (e.g., Older Workers Benefit Protection Act, Social Security Act) related to employee benefits.
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