Payroll deduction is a convenient and flexible method to contribute to your existing MESP account.
You can give your employees an added benefit, at virtually no cost to your company, by offering your employees the convenience of contributing to the Michigan Education Savings Program (MESP) through payroll deduction. It’s easy for you to administer and flexible for your employees:
- It's simple to administer and a low-cost way to provide a valuable benefit to employees.
- There are no set-up costs or contracts to sign.
- Contributions are made after-tax so it does not require W-2 adjustments or 5500 administration.
- You can stop or start payroll deduction as a benefit for employees at any time.
- There are no open enrollment periods.
To set up payroll deduction, please download the How to Administer Payroll Deduction Guide.
We are here to provide education about MESP in a variety of ways. We are available, at no cost to you, to host on-site employee seminars, on-line web based presentations, or attend employee benefit fairs to educate your employees about MESP and its many benefits.
Our online Employer Payroll Deduction Guide contains the information you will need to begin. The guide provides general information about MESP, details concerning the free employer resources available to you and most importantly, all of the specifics you will need to begin offering payroll deduction to your employees for their contributions. Each component of this guide is discussed below.
- MESP Plan Brochure
The brochure provides a full overview of the Program including the benefits of saving in a 529 Plan, the advantages of starting early and the details regarding the Michigan income tax deduction available for contributions to MESP. The brochure contains a business reply card that allows employees to request a MESP Enrollment Kit. The brochure is ideal for new hire packets and for display where space is limited. Additional brochures can be ordered at no cost by calling 1-877-861-6377.
- Program Disclosure Booklet
The Program Disclosure Booklet, which is similar to a prospectus, provides detailed information about the Plan. It is included in the MESP Enrollment Kit for individuals to read before opening an account. Enrollment Kits containing the Disclosure Booklet can be ordered at no cost by calling 1-877-861-6377. You can also download an Enrollment Booklet here.
- Electronic MESP Advertisement
The MESP advertisement can be emailed to your employees or included in other employee communications. Click here to request a PDF of the MESP 529 Plan advertisement.
- How to Administer Payroll Deduction Guide
The How to Administer Payroll Deduction Guide outlines the responsibilities of the employee, the employer and the Plan to ensure that the process runs smoothly.
- Sample Payroll Deduction Authorization Form
The employee (Account Owner) is required to complete the Payroll Deduction Authorization Form in order to establish payroll deduction contributions into a MESP 529 Plan account. MESP 529 Plan Enrollment Kits and additional Payroll Deduction Authorization Forms can be obtained by either downloading or calling 1-877-861-MESP (6377).
If you have any questions or need further information, please call 1-877-861-6377 to speak with one of our college savings specialists. Our college savings specialists are available to assist you Monday through Friday from 8 am to 8 pm ET. Our specialists can arrange a meeting with a MESP representative as well as order plan materials for your workplace.
Payroll deduction for MESP is a convenient and flexible method to contribute to your existing MESP account. If your employer offers this benefit, you can contribute from your paycheck for as little as $15 per pay period. You can stop, start or change your deduction amount at any time.
If you leave your employer, contributions will automatically stop. You have the option to start a new payroll deduction with your new employer, if they allow, or you can choose to add contributions to your account by check, an automatic contribution plan or electronic funds transfer at any time.
To set up payroll deduction, please download the How To Administer Payroll Deduction Guide.
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