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Unum offers 529 benefit to all employees with newborns
(June 6, 2008) - Beginning in 2008, Unum will contribute $700 towards a 529 college fund for children of its employees, an innovative new program that underscores the company’s expertise in the benefits industry and its commitment to education.
All U.S.-based employees of Unum and Colonial Life are eligible for the benefit. It 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. Several hundred children were born to Unum families in 2007.
Company spokesperson MC Guenther confirmed to Savingforcollege.com that the company's contribution is taxable compensation to the employee and that eligible employees are able to establish their 529 account with the program of their choosing. The company places no restrictions on the employee's use of the 529 account.