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.