Educational Assistance Program for Employees

State:
Multi-State
Control #:
US-00451BG
Format:
Word; 
Rich Text
Instant download

Description

This form offers education assistance to employees under certain circumstances. Courses must be from approved institutions of learning, such as accredited colleges, universities, and technical colleges or schools that offer certification in a field approved by employer. Also, the courses must be, in employer's opinion, directly or reasonably related to employee's present job or part of a degree program, or in line with a position that employer believes employee can reasonably achieve. If employee shall leave the employment of employer for any reason, within two years of any reimbursement, employee shall immediately repay all reimbursements back to employer.
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FAQ

Company meetings. These meetings present many hurdles for employees. Email. Not every employee regularly checks their email, especially employees who don't work in front of a computer. Mail. Many people don't want to read long, complicated messages about health care.

Teach Why Before How. Too often it happens that companies cram a ton of information into the employee during training sessions. Practice Is The Best Training. Encourage employees to share their expertise. Expose employees to networking events. Training Videos.

Make Your Employees More Aware. Host Contests. Encourage Coworkers to Share. Encourage Management to Participate. Make It Easier to Find Benefits.

Employees can be reimbursed for up to $5,250 in educational assistance per year. That amount is not added to the employees wages and is deducted by small business owners on IRS Schedule C.

Employers get to deduct $5,250 from their FICA and FUCA payroll taxes for each participating employee.That said, all funding over the magic number are considered to be taxable income by the IRS. This means that tuition reimbursement in excess of this amount cannot be deducted and must be declared as income.

Many companies offer tuition reimbursement as part of their benefits package. Here's how it typically works: an employee pays up front for college, graduate, or continuing education classes. Then, once the class or semester is complete, the employer will refund a portion of the money spentor the full amount.

A qualified educational assistance program is a plan established and maintained by an employer under which the employer provides educational assistance to employees.The program must be a separate written plan of the employer.

Communicate with Employees to Help Them Understand Benefit Offerings. Make plans customizable to meet individual needs. Explore options to offer more voluntary benefits for financial security. Talk about benefits outside of open enrollment. Make it easy to sign up.

Consider using a variety of communication methods, including e-mail, broadcast voice mails, online outlets and in-person meetings with employees. Giving employees the opportunity to talk directly with benefits advisors or representatives from insurance carriers can be incredibly effective in terms of education.

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Educational Assistance Program for Employees