Kentucky Education Savings Plan Trust

Frequently Asked Questions - Payroll Deduction: Employers

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How do we get started?
Contact KESPT at 1-877-KY TRUST (1-877-598-7878). A Kentucky-based Program Consultant will call you to discuss your company's needs and the services offered by the Program Manager, TIAA-CREF Tuition Financing, Inc. (TFI). Services include on-site seminars, webinars, lunch and learn sessions and participation in company sponsored family events.

Does the Program charge employers to set up and maintain payroll deduction?
No, there is no charge.


What are the employer's responsibilities to participate in the program?
Just set-up the deduction for an Automatic Clearing House (ACH) electronic transfer in your payroll system and follow the instructions on the employee's form. The employer's role is limited to collecting and remitting employees' voluntary payroll contributions.


How do I receive payroll deduction instructions from my employees?
Your employees will complete the KESPT Payroll Deduction Form (PDF, 45KB) and submit it to you. Just follow the simple instructions on the form to set-up the Automatic Clearing House (ACH) electronic transfer that will be sent to us and applied to the employee's account.


Who do I contact for general questions about payroll deduction?
Please call us toll-free at 1-877-KY TRUST (1-877-598-7878). We're available 8:00 am - 8:00 pm Eastern Time.


How can we offer information on KESPT to our employees?
We are ready to provide you with the materials you need to share KESPT program information with your employees. If you would like to meet with a KESPT Program Representative to discuss our program, arrange KESPT seminars or webinars at your location, or obtain promotional materials, please call us at 1-877-KY TRUST (1-877-598-7878). We're available Monday through Friday, 8:00 am - 8:00 pm Eastern Time.


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WE'RE HERE TO HELP

Have a question you don't see listed? Need clarification?

Call us toll-free at
1-877-KY TRUST
(1-877-598-7878)

We're available 8:00 am - 8:00 pm Eastern Time, Monday - Friday.


Don't forget you can set up an Automatic Contribution Plan (PDF, 157KB) or use Payroll Deduction (PDF, 45KB) for your contributions (if offered by your employer).

PDF files require the free Adobe Acrobat Reader. Get it here.

Access our glossary for the meanings of terms used throughout this site.

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The tax information contained on the Kentucky Education Savings Plan Trust (the Plan) Web site is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed in the Web site. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

The Plan is administered by the Kentucky Higher Education Assistance Authority. TIAA-CREF Tuition Financing, Inc. (TFI) serves as Program Manager. TFI's affiliate, TIAA-CREF Individual & Institutional Services, LLC, is the distributor.

The investment approaches described are not recommendations and do not take into consideration personal goals or preferences. After evaluating information you consider important in making an investment choice, the ultimate decision is up to you. It is a good idea to revisit your investment strategy periodically as your goals, personal financial situation, and market conditions change.

Consider the investment objectives, risks, charges and expenses before investing in the Plan. Please call toll-free 1-877-KY TRUST (1-877-598-7878) for a Disclosure Booklet containing this information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The Commonwealth of Kentucky, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company’s guarantee to the Kentucky Education Savings Plan under the funding agreement for the Guaranteed Option. Account value will fluctuate based upon a number of factors, including general market conditions.

The Plan Web site is for informational purposes only, and does not constitute an offer to sell or solicitation of an offer to buy any security that may be referenced on the site. Such offer or solicitation can be made only through the Disclosure Booklet.

The Plan Web site contains links to other Web sites. Neither the Plan Trust nor TFI and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.

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© 2008 TIAA-CREF Tuition Financing Inc.