Unum Kicks in 529 Plan Contribution for Employees'
Children
May 20, 2008 (PLANSPONSOR.com) - Employee benefit
provider Unum has announced that it will now kick in $700
towards a 529 college fund for the children of its
employees.
An Unum news release said a
ll U.S.-based employees of Unum and Colonial Life are
eligible for the benefit that applies to children born or
adopted in 2008 and after by a Unum employee, spouse, or
partner who opens a 529 education savings account within
one year of the birth or adoption date.
"In this tight labor market, employers of all sizes
are looking at unique benefits we can provide to attract
and retain a quality workforce,
"
said Eileen Farrar, senior vice president of corporate
human resources in the news release.
"
Niche benefits, such as this 529 contribution, highlight
the importance of addressing the needs of our diverse
working population
-
in this case working parents who will face extensive
higher education costs for their children.
"
In addition, Unum said the benefit builds on the
company
'
s commitment to improving education opportunities for
children.
"
Unum supports the communities in which we work with a
special focus on public education,
"
said Joe Foley, senior vice president and chief marketing
officer, in the announcement.
"
This 529 benefit expands this commitment to our own Unum
families, inspiring them to put their children on the
path to educational success.
"
Fred Schneyer
editors@plansponsor.com