Quick Answer
You can fund your 529 college savings account by updating your direct deposit settings in Dayforce to send post-tax dollars from your paycheck directly to your chosen 529 account each pay period.
How Payroll Contributions to a 529 Plan Work
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Contributions are made using post-tax dollars.
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You decide the amount or percentage to contribute each pay period.
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Funds are automatically deposited into your 529 account through payroll.
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LWG does not contribute to or manage the account.
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This allows you to save consistently without needing to make manual transfers.
How to Set Up or Update Direct Deposit for 529 Contributions
To fund your 529 account through payroll:
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Open your 529 account with the provider of your choice and obtain the routing and account number.
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From your Employee profile, select the Menu (☰ icon) in the top left corner.
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Select Profile.
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Select the Forms tab at the top of the Profile page.
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Select Direct Deposit, then choose Add (or update an existing account).
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Add a new direct deposit account and rounting information for your 529 plan.
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Enter the dollar amount or percentage you want deposited each pay period.
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Carefully double-check all banking and amount information for accuracy.
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Select Sign and Submit to save and finalize your changes.
Important Things to Know
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Contributions are employee-funded only.
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LWG does not monitor or verify deposits after setup.
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You are responsible for confirming funds are received by your 529 provider.
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Changes to direct deposit may take one payroll cycle to take effect.
Helpful Tips
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Double-check routing and account numbers before saving changes.
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Review your pay statement after the first deposit to confirm it processed correctly.
Important Reminder
Leeds West Groups (LWG) does not administer, manage, sponsor, or endorse any 529 college savings plan. LWG does not provide financial, investment, or tax advice related to 529 plans. All 529 college savings accounts are independently selected, established, funded, and managed by the team member. Team members are responsible for choosing their plan provider, investment options, contribution amounts, beneficiaries, and understanding any applicable state or federal tax rules. Any references to CollegeInvest or other 529 resources are provided for general educational purposes only. LWG’s role is limited to allowing team members to direct post-tax payroll deposits, at the team member’s request, into an account designated by the team member. Team members are encouraged to consult a qualified financial advisor or tax professional if they have questions about whether a 529 plan is appropriate for their individual financial situation.
