If you work for a participating company or organization, saving for your ScholarShare 529 account just got even easier.
With contribution minimums as low as $15 per pay period, you can setup payroll direct deposit to your account. And don’t worry — if you want to make changes down the road, you may do so whenever you like.
What You’ll Need
Before setting up or changing your Payroll Direct Deposit, you’ll need to have your Employee Information, including:
- Name and social security number
- Employee ID number (if applicable)
- Employer name, address, Payroll Department contact name and telephone number
- Contribution amount per pay period
- Starting date for deductions
How to Do It
Note: If you are a State of California, Senate or Legislature or University of California Employee, please fill out the appropriate form.
- First, be sure you’ve opened up your ScholarShare 529 account online.
- Log on to your account at scholarshare529.com.
- Click the Profile & Documents link on the My Accounts page.
- Click on “Payroll Direct Deposit” on the left side.
- Click “Change payroll instruction” to start the process.
- Follow the prompts to select the amount to contribute from each paycheck and also how much to deposit for each beneficiary (if applicable).
- Once you submit this information, you must click on Get Form and then Print out the payroll form.
- This form will be pre-filled with your name, your unique account number, the total payroll deduction amount, and the routing (ABA) number for the Plan’s bank. If you are funding more than one account by payroll direct deposit, the amount per pay period should be the sum of ALL your payroll contributions to your ScholarShare 529 accounts.
- Submit the payroll form to your company’s human resources, benefits, or payroll department. If your employer uses a self-service portal, use the form to fill in the information on your own, just like you would to direct deposit your paycheck into a checking or savings account.
- Your employer will update the payroll direct deposit amount in the payroll system and will automatically send your contributions to ScholarShare 529.
- Be sure to inform your employer of any changes you wish to make to your payroll direct deposit contributions.