Employee Education Benefits Matter Now More Than Ever
Are you interested in being an employer of choice for top talent? How about eliminating administrative burden, reducing costs, and driving engagement with an integrated benefit solution?
In a competitive job market, employers need to offer more than ping pong tables and free coffee. Education benefits through BASIC Consumer Driven Accounts (CDA) can help an employer stand out while investing in their workforce.
Tuition Reimbursement Account
These accounts can be a cost-effective way to retain employees and build desired skills. Plans can be tailored to reflect employer goals. For instance, employers can set up the account to pay for a pre-determined level of continuing education credits or college coursework fees; they can also link reimbursement to GPA requirements or only reimburse courses in a certain area of study.
Employees pay for the course, complete it, and then submit a request for reimbursement. Upon approval, this is paid directly into their MyCash account on the employee’s BASIC Card. It’s a benefit to employers as well because program costs—up to $5,250 annually, per employee—are tax deductible.
Work in an industry where employees need to keep certifications or licenses up to date? Professional Business Expense Accounts give you a tax-benefited way to reimburse these fees
Student Loan Reimbursement Account
Student loans are the second largest consumer debt category in the U.S., surpassed only by mortgages. Employees are stressed about paying these loans and those worries bleed into the workplace. A Student Loan Reimbursement account can make your company stand out during the recruiting process and improve retention. In fact, a survey by a national lender found 50+% of Millennial employees felt student loan repayment assistance was an important perk and more than 45% of respondents would choose student loan repayment assistance over a 401(k) match if given the choice.1
Our Student Loan Reimbursement Account lets employers reimburse a designated percentage of an employee’s monthly student loan expenses. Participating employees submit requests and documentation, which are reviewed for eligibility, and the reimbursement is paid directly to the participant. This reimbursement is taxable for employees but at a fraction of the cost of their student loans.
BASIC Education Accounts
BASIC offers a Tuition Reimbursement and Student Loan Reimbursement Accounts as one of many benefit offerings that can be configured into custom plans that meet employee needs – where they are in life. To see how BASIC can help improve your benefits package, request a no-cost proposal today!